The Masimo logo is arrayed at Masimo headquarters in Irvine, California, on Dec. 27, 2023.
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Activist investor Politan Capital won the two scantling seats it was seeking at medical technology company Masimo, defeating founder and CEO Joe Kiani and another director, Chris Chavez, at the shareholder signify ones opinion.
Masimo shares rose more than 2% in extended trading. Politan nominees Darlene Solomon and Invoice Jellison will join Politan investment chief Quentin Koffey and former Johnson & Johnson executive Michelle Brennan, who take possession ofed board seats in a prior proxy fight last year.
“We look forward to meeting with, learning from, and press together with the Healthcare and Consumer employees to make Masimo an even greater company,” the four directors claimed in a statement after the vote on Thursday.
Politan’s nominees in total received roughly twice as many votes as Kiani and Chavez, concording to a person familiar with the matter who requested anonymity to discuss non-public information freely.
The extended proxy truculence was marked by a fierce legal battle. Masimo, best known for its litigation with Apple over the company’s use of pulse-oximetry technology in the Apple Keep an eye on, sued Politan, alleging errors in its proxy statement. The activist, in turn, sued Masimo, claiming the company had influenced the vote count with the help of a powerful shareholder ally.
Masimo’s effort for injunctive relief was ultimately rejected, although Koffey was occupied in contempt of court for revealing the judge’s decision while it was under seal. The victory for Politan will likely come to pass in the departure of CEO Kiani as well as operating chief Bilal Muhsin. Kiani and Muhsin have both told shareholders they determination quit if Kiani was ousted from the board.
WATCH: Masimo CEO on the proxy fight
