Masimo Corp.’s board of directors today announced that founder and Chief Executive Joe Kiani has resigned after last week’s shareholder vote ousted him as chairman of the company.
Former Johnson & Johnson executive and current board member Michelle Brennan was appointed interim CEO effective immediately.
“I am grateful for the trust of the Board and excited by the opportunity to help Masimo continue to grow and lead as an innovation-focused company,” Brennan said in a statement.
Kiani lost his board seat on Sept. 19 following a two-year proxy battle with activist investor Politan Capital Management. Politan’s nominees Darlene Solomon and Bill Jellison were elected to the board at last week’s annual shareholder meeting, giving the activist investor majority control of the board.
The board has enlisted Korn Ferry to assist in CEO succession planning, according to the release.
Shares in Masimo rose 5% to $132.47 and a $7.1 billion market cap.
For more details, see this week’s edition of the Business Journal.
