Politan Capital Management, a New York-based activist investor firm, said it won two board seats at Irvine-based Masimo Corp.
Politan Managing Partner Quentin Koffey and Michelle Brennan won with at least 70% of the vote, Politan said based on a preliminary analysis from its proxy solicitor. Each of the nominees won 17 of the 20 largest shareholders who weren’t insiders, it said.
“We believe this election represents a clear mandate from shareholders that significant change is needed at Masimo,” Koffey said in a statement. “We are now fully focused on putting the election behind us and working constructively with the incumbent directors to improve the company’s corporate governance, enhance capital allocation and instill better strategic oversight. We look forward to helping Masimo reach its full potential for all its stakeholders.”
Shares of Masimo, a maker of medical devices to monitor oxygen levels, were unchanged in after-hours trading at $162.76 and a $8.6 billion market cap.
For more information, see the upcoming July 3rd issue of the Orange County Business Journal.