Warchi
Masimo (NASDAQ:MASI) independent director Michelle Brennan issued a statement Thursday supporting the election of two board nominees backed by shareholder Politan Capital Management.
In a statement issued after market close, Brennan said she believes “the board is unable to carry out its basic functions because it is essentially kept in the dark.” She added that the company didn’t appear to believe its directors needed to be kept adequately informed about matters such as regulatory investigations into the company and the potential separation of its consumer products business.
Brennan ended her statement by urging shareholders to “support further change and true independent oversight at Masimo’s (MASI) upcoming 2024 annual meeting.” She also expressed support for board nominees Darlene Solomon and William Jellison.
Earlier Thursday, Masimo (MASI) issued a statement criticizing Politan Managing Partner and Masimo board member Quentin Koffey, accusing him of acting against the best interests of Masimo (MASI) and its shareholders. The company urged shareholders to support the reelection of CEO and Chairman Joe Kiani and the election of Christopher Chavez to the board.
According to Masimo’s (MASI) 10-K/A report, as of April 29, its board consisted of Kiani, Koffey, Brennan, Craig Reynolds, Rolf Classon and former Disney CEO Bob Chapek. Classon resigned from the board in May, citing personal health reasons.
Politan, which already holds two seats on Masimo’s (MASI) board, disclosed in March that it was planning to start a proxy fight for two more board seats. The group holds an 8.9% stake in Masimo (MASI).
In May, Politan rejected Masimo’s (MASI) offer to add one of the activist investor’s nominees, William Jellison, to the board to try to avoid a proxy battle.
On Monday, Masimo (MASI) said that a potential partner was ready to offer $850M to $950M to be part of a joint venture for its consumer products business.
Masimo’s (MASI) annual meeting is scheduled for July 25.