Jack Ladenson, Andy O. Miller and Steven Spitalnik. Balwani left his position as president and COO in May 2016. At that time, the company announced its new board members, Fabrizio Bonanni (former executive vice president of Amgen), Richard Kovacevich and William Foege, who would help to publicly introduce its technologies. In May 2016 members of the Theranos board of directors were: Elizabeth Holmes, founder and CEO Riley Bechtel, former Bechtel Group CEO David Boies, a founder and the chairman of Boies Schiller Flexner William Foege, former director of the CDC Richard Kovacevich, former CEO and chairman of Wells Fargo Jim Mattis, later U.S. Secretary of Defense Fabrizio Bonanni, former executive vice president of Amgen In December 2016 it was announced the Theranos management team would be restructured with the departure of Riley Bechtel. In January 2017, incoming U.S. Secretary of Defense nominee James Mattis resigned from the Theranos board. In January 2017 the Theranos board of directors included: Elizabeth Holmes William Foege Fabrizio Bonanni Daniel Warmenhoven, former NetApp CEO, replacing Riley Bechtel It was also announced in November 2016 that the celebrity-studded "board of counselors" would be scrapped in January 2017. Valuation Theranos raised millions of dollars in its first years. In 2004, Theranos was based in a rented basement near the Stanford campus. By December 2004, the company had raised more than $6 million from investors at a valuation of $30 million. The company had about $45 million total fundraising after Series B and Series C funding in 2006. Theranos raised an additional $45 million in 2010 at a valuation of $1 billion. The company moved to the former headquarters of Facebook in June 2012. The company had significant news coverage starting in September 2013 after profiles in the San Francisco Business Times and The Wall Street Journal. By 2014, Theranos had raised more than $400 million with an estimated value of $9 billion. In 2016, Forbes revised the estimated net worth of the company to $800 million taking into account the $724 million of capital raised. Between 2004 and 2016, the amount of Private Equity Dry Powder available grew from $400 billion to $1.5 trillion. It was a period of plentiful capital available where investors were pressured to find investment targets to deploy capital on. In the Theranos case, insufficient due diligence and fraudulent business practices led to the losses for investors. In May 2017 participating shareholders provided