©Reuters.Masimo (MASI) soars 10% on him as Politan plans new proxy fight
Politan Capital Management announced Monday that it plans to nominate two additional directors. Masimo Co., Ltd. (NASDAQ:) board of directors after securing two seats last year, The Wall Street Journal reported earlier in the day.
MASI stock rose more than 10% at the market open on Monday.
The decision could signal a new proxy fight for the medical device company, which owns nearly 9% of Masimo's stock. Politan proposed William Jellison, former CFO of Stryker, and Darlene Solomon, former CTO of Agilent Technologies, to serve on its board. Director candidates.
Politan, owned by Quentin Coffey, has been a vocal critic of Masimo's capital allocation and board governance, particularly regarding the company's $1 billion acquisition of consumer audio products maker Sound United in 2023. I see it as a problem.
Masimo said last week that it is considering spinning off its consumer business units, which include consumer health and audio products. Politan supports the plan, but is calling for two more seats to be added to the board to provide greater oversight of the process.
“When shareholders overwhelmingly elected Michelle Brennan and I to the Masimo Board of Directors last year, we were optimistic that we would be able to work productively with the other members of the Board,” Coffey said. said in a statement.
“Unfortunately, our efforts continued to be rejected as Chairman and CEO Joe Kiani refused to provide basic information,” he added.
