Corvex’s Meister joins the board at Illumina. Here’s how he can create value for shareholders

Illumina ( ILMN ) is a technology company that sells sequencing machines and consumables required for genomic testing.

The biggest cause of Illumina 's underperformance was the costly spin-out, reacquisition and later re-spin of its Grail business.

Once valued at $70 billion , Illumina is now valued at less than $13 billion .

Scott Gottlieb and Ken Squire : Meister has created value as a director of many companies including Biogen , Motorola , Yum Brands and MGM .

We expect he will be a valuable director as Illumina goes through this transition, they say.

Squire and Squire say the short-term challenge to revenue during Illumina 's technology transition is an opportunity.