(Bloomberg) -- The board of directors of Theranos announced that Elizabeth Holmes has stepped down as CEO, according to a statement.
- David Taylor, the company's general counsel, has been appointed CEO and general counsel
- Holmes remains with the company as founder and chair of the board
- NOTE: Theranos's departure came after U.S. Securities and Exchange Commission announced lawsuit and settlement on March 14, detailing how she and her chief deputy lied for years about their technology, snookered the media, and used the publicity to get investors to hand more than $700 million to keep the closely held company afloat
To contact the reporter on this story: Huang Zhe in San Francisco at zhuang37@bloomberg.net
To contact the editors responsible for this story: Clementine Fletcher at cfletcher5@bloomberg.net, Nathan Crooks
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