San Francisco, CA – Exelixis, Inc. (Nasdaq: EXEL) released a statement today confirming the departure of Lance Willsey, M.D. from its Board of Directors. Dr. Willsey has informed the Board of his decision to resign, effective immediately. The Board has expressed its support for his decision and recommends shareholders to vote in favor of the remaining 10 director nominees.
In addition, Exelixis will not contest the election of David Johnson, the additional nominee put forward by Farallon Capital Management, at the upcoming 2023 Annual Meeting of Shareholders scheduled for May 31, 2023.
Previously, the Board had nominated two of Farallon’s original candidates, Tomas Heyman and Robert Oliver, to replace two existing directors. The Board is actively engaged in identifying and evaluating candidates as part of its ongoing refreshment program. This program includes a commitment to replacing two more directors, one in each of the next two years, with independent directors. Over the past three years, a total of five directors will have transitioned off the Board, with the election of four new independent directors, including all of Farallon’s nominees.
The Board’s support for Dr. Willsey’s resignation marks the conclusion of Farallon’s proxy campaign. Exelixis remains focused on its mission to develop life-changing cancer therapies and deliver value to its shareholders. Dr. Willsey’s decision to resign is connected to a personal matter that occurred over a decade ago. The Company had sought legal counsel at that time and the Board determined that no action was required regarding Dr. Willsey’s Board representation.