Masimo Corp.’s Chief Operating Officer Bilal Muhsin told the board that he intends to resign if Joe Kiani was removed as chairman and CEO, according to regulatory filings.
The Irvine maker of non-invasive medical devices has been targeted by activist investor Politan Capital Management in a proxy battle attempting to force Kiani out of the company that he founded.
“I strongly disagree with the false accusations made by Politan in its recent fight letter and deck and have no intention of remaining with the company if Quentin Koffey and Politan take control of it,” Muhsin said in the letter.
Shares today fell 8% to $115.81 and a $6.2 billion market cap (NYSE: MASI).
Masimo’s annual shareholder meeting is expected to take place on July 25.
