Politan Capital, led by Quentin Koffey and holding approximately 9% of Masimo\u2019s shares, announced its intention to nominate two directors to Masimo\u2019s board shortly after the company revealed plans to spin off a troubled business unit.<\/p>\n
The announcement led to a surge in Masimo\u2019s shares during Monday morning trading, with the stock closing up around 3%.<\/p>\n
Masimo had recently disclosed its consideration of spinning off its audio unit, which it acquired in 2022 for $1 billion. The acquisition, perceived by some investors as unrelated to Masimo\u2019s core health-tech focus, had triggered Politan\u2019s initial proxy fight with the company.<\/p>\n
Now, Politan aims to secure two additional board seats to ensure the execution of the spinoff, which it claims was hastily announced after Politan informed the company of its intention to seek additional board seats.<\/p>\n
However, Masimo refuted this narrative, asserting that Politan rushed the announcement of its candidates to capitalize on the positive market reaction to the separation plan.<\/p>\n
Politan\u2019s nominees for the board seats are Darlene Solomon, a former executive at Agilent, and Bill Jellison, the former Chief Financial Officer of Stryker. Solomon brings expertise in research and development from her tenure at Agilent, while Jellison contributed to driving Stryker\u2019s merger and acquisition strategy.<\/p>\n
If successful, Politan would control four out of the company\u2019s six board seats.<\/p>\n
In the previous proxy fight, Politan secured two board seats for Koffey and healthcare executive Michelle Brennan. The intense battle drew widespread attention, with Masimo employing unconventional tactics to fend off Politan\u2019s advances.<\/p>\n
Koffey expressed disappointment at Masimo\u2019s resistance to collaboration, citing the company\u2019s refusal to provide basic information, denial of access to management, and exclusion from board meetings.<\/p>\n
Despite Politan\u2019s hope to avoid another proxy fight, Masimo remains steadfast in its commitment to its strategy, highlighting ongoing discussions regarding the separation plan dating back to January.<\/p>\n
Masimo\u2019s spokesperson emphasized that the board, including Quentin Koffey, has been actively engaged in discussions related to the separation strategy, with a significant portion of the board joining within the past nine months.<\/p>\n
Additionally, Masimo reiterated its commitment to reassessing the $1 billion Sound United strategy within a three-year timeframe.<\/p>\n","protected":false},"excerpt":{"rendered":"
Masimo, a prominent health-tech company known for its successful patent litigation involving the Apple Watch, is once again facing a proxy fight for the second time in two years, initiated by the same activist investor who currently holds a seat on the company\u2019s six-person board.<\/p>\n","protected":false},"author":331,"featured_media":37992,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[12366,4745],"class_list":["post-38200","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","tag-politan","tag-tech"],"reading_time":"2 min read","_links":{"self":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/38200","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/users\/331"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/comments?post=38200"}],"version-history":[{"count":0,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/38200\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media\/37992"}],"wp:attachment":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media?parent=38200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/categories?post=38200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/tags?post=38200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}