Theranos Continues With Corporate Revamp

By Ron Shinkman, Editor, Laboratory Industry Report

Theranos continues to remake itself, shedding its longtime president and expanding its board of directors.

Sunny Balwani, who has served as Theranos’ president and chief operating officer since 2009, announced his retirement this week.

“I am deeply grateful for the opportunity to contribute to Theranos’ mission to make healthcare accessible through its technology and products,” he said in a statement. “I will continue to be the company’s biggest advocate and look forward to seeing Theranos’ innovations reach the world.”

Balwani departs as Theranos is under criminal investigation and could potentially lose its Medicare certification for its laboratory in Newark, Calif.

Meanwhile, Theranos announced the addition of three new directors to its board. They included William H. Foege, M.D., an epidemiologist by training and former director of the U.S. Centers for Disease Control and Prevention, Richard M. Kovacevich, former chief executive officer of Wells Fargo & Co., and Fabrizio Bonanni, M.D., a former senior executive with pharmaceutical firm Amgen.

In a statement announcing the changes, Theranos focused on Bonanni’s appointment, noting his many years of experience in compliance and quality control with Amgen, from which he departed in 2013.

“We are proud to have the opportunity to work with Dr. Bonanni as we build and scale best-in-class operations throughout our company,” said Theranos founder and Chief Executive Officer Elizabeth Holmes. “Dr. Bonanni’s leadership and guidance in operations, quality and compliance is exceptional, and we are fortunate to add his experience to our team both on the board and to work with us internally.”