Joe Kiani, founder and chief executive of Irvine-based Masimo Corp., was ousted as chairman of the medical device maker, according to activist investor Politan Capital Management, citing a preliminary analysis of the votes by its proxy solicitor
Politan, a 9% shareholder of Masimo, said both its nominees, Darlene Solomon and William Jellison, were elected to the board during a meeting scheduled for today. Kiani has said he will depart as CEO if he loses this vote.
“While each of us is independent and brings our own unique perspectives, we are united in our enthusiasm for Masimo’s future as a leading, innovation-focused growth company,” said a joint statement from Solomon and Jellison as well as Politan’s other two directors, Michelle Brennan and Quentin Koffey.
“We look forward to meeting with, learning from, and working together with the Healthcare and Consumer employees to make Masimo an even greater company. We would also like customers to know that we will be completely focused on preventing any disruption to their service and support. We will have more to share soon.”
Politan now controls four of the six seats on the board of directors. Vote totals weren’t immediately available.
Shares rose in after-hours trading 2.6% to $114.33. During regular trading hours, they had fallen 2.3% to $111.73 and a $6 billion market cap (Nasdaq: MASI).
For more, see the Sept. 23 issue of the Business Journal as well as this week’s issue for background on the dispute.
