Masimo founder Joe Kiani resigns as CEO following ouster from board

Reuters

Updated September 25, 2024 at 11:44 a.m.·1 min read

U.S. One dollar banknotes are seen in front of displayed stock graph in this illustration taken

(Reuters) -Masimo said on Wednesday founder Joe Kiani has decided to step down as the medical device maker's CEO, days after shareholders voted to remove him from the company's board following a bitter proxy battle with activist hedge fund Politan Capital Management.

The company named veteran healthcare executive, Michelle Brennan, as interim chief. Brennan was nominated by Politan for Masimo's board last year, along with the hedge fund's founder Quentin Koffey. Both were subsequently elected by shareholders.

Shares of the company were up 5.4% at $133 in early trade.

The stock has fallen more than 40% since Feb. 15, 2022, when Masimo announced the $1-billion acquisition of audio products maker Sound United. The deal was a key factor behind Politan's activism.

Masimo also said it has engaged Centerview Partners and Morgan Stanley as financial advisors and Sullivan & Cromwell as legal advisor as it continues to evaluate alternatives for its consumer business, which includes Sound United and health tracking watches.

The company has received offers of up to $950 million for the business.

Masimo's shareholders last week elected another two director candidates proposed by Politan and took the unusual step of removing Kiani, its longtime CEO and founder, from the board.

Kiani had said in the past that he would quit as CEO and sell his shares valued at roughly $500 million if investors replaced him on the board with a Politan nominee.

Politan, which owns nearly a 9% stake in Masimo, has previously said that it will not oppose the re-election of Joe Kiani, who founded Masimo in 1989.

Masimo also formally appointed the two director candidates, Darlene Solomon and Bill Jellison, proposed by Politan to its board.

(Reporting by Sneha S K; Editing by Leroy Leo)

The Motley Fool
What Canadians Can Expect From CPP Benefits at Ages 60 and 65 in 2024
The CPP’s standard retirement age is 65, although eligible pensioners can start payments at 60 but at a reduced benefit. The post What Canadians Can Expect From CPP Benefits at Ages 60 and 65 in 2024 appeared first on The Motley Fool Canada.
Simply Wall St.
The 8.1% return this week takes Veren's (TSE:VRN) shareholders five-year gains to 101%
Veren Inc. ( TSE:VRN ) shareholders might be concerned after seeing the share price drop 17% in the last quarter. But...
GOBankingRates
I’m a Retired Boomer: Here Are 6 Things I No Longer Buy Because They’re a Waste of Money
The best part of retiring is spending your time and money how you want to. Whether that includes traveling the world or playing a couple extra rounds of golf each month, you have flexibility during...
Simply Wall St.
Painful week for individual investors invested in Northland Power Inc. (TSE:NPI) after 4.9% drop, institutions also suffered losses
Key Insights The considerable ownership by individual investors in Northland Power indicates that they collectively...
The Motley Fool
2 TSX Stocks That Could Secure Your Future
These two TSX stocks may be some of the best long-term buys today for investors looking for safety, security, and gains. The post 2 TSX Stocks That Could Secure Your Future appeared first on The Motley Fool Canada.
Baystreet
Fortis Raises Its Dividend and Forecasts Many More to Come
One of the best dividend stocks you can own on the TSX is that of utility giant Fortis (TSX:FTS)(NYSE:FTS). ...
Simply Wall St.
In the wake of Intel Corporation's (NASDAQ:INTC) latest US$5.6b market cap drop, institutional owners may be forced to take severe actions
Key Insights Institutions' substantial holdings in Intel implies that they have significant influence over the...
The Canadian Press
Five things to watch for in the Canadian business world in the coming week
TORONTO — Five things to watch for in the Canadian business world in the coming week:
GOBankingRates
I’m a Money Expert: 4 Reasons You Should Stock Up on $100 Bills Before the Winter
Winter is creeping up, and it’s time to stock up on $100 bills. This article outlines why it’s important to withdraw $100 bills before unpredictability kicks in.
Business Insider
Owning a home in Florida is a huge gamble. Some people are starting to question whether it's worth it.
Florida's susceptibility to hurricanes doesn't deter millions of people from buying homes there. Now some may be reevaluating the risks and costs.
Reuters
Morning Bid: Markets mull potential US ‘no landing'
Trading in Asia kicks off on Monday with the global macro and market landscape suddenly appearing very different from how it looked on Friday, thanks to a set of U.S. employment figures that not even the most bullish of forecasters expected. The September non-farm payrolls report on Friday was unequivocally strong on all fronts, and throws into doubt the projected path for U.S. interest rates that investors - and perhaps the Fed too - had begun to settle on. The immediate shift in U.S. rate futures markets is clear - a 50 basis point rate cut next month is now completely off the table, and implied pricing is now aligned with Fed Chair Jerome Powell's baseline case of a quarter-point cut at each of the next two meetings.
Insider Monkey
Kinross Gold (KGC): A Cheap Stock To Buy Under $10
We recently compiled a list of the 7 Best Cheap Stocks To Buy Today Under $10. In this article, we are going to take a look at where Kinross Gold (NYSE:KGC) stands against the other cheap stocks to buy under $10. On September 30, Federal Reserve Chair Jerome Powell addressed the National Association for Business Economics […]
The Canadian Press
Canadian Natural Resources buying Chevron's Alberta assets for US$6.5B
CALGARY — Canadian Natural Resources Ltd. has signed a deal to buy Chevron Canada Ltd.'s interests in the Athabasca Oil Sands Project and Duvernay shale for US$6.5 billion.
Insider Monkey
Brookfield Corporation (BN): Bill Ackman’s Top Stock
We recently compiled a list of the Bill Ackman Stock Portfolio: 8 Top Stock Picks. In this article, we are going to take a look at where Brookfield Corporation (NYSE:BN) stands against the other the Bill Ackman’s Stock Portfolio. Bill Ackman is an investor whose portfolio is well-positioned to benefit from the economic environment’s improvement as interest […]
Bloomberg
China Stock Skepticism Gets Louder as World-Beating Run Extends
(Bloomberg) -- The world-beating rally in Chinese stocks is failing to convince many global fund managers and strategists.Most Read from BloombergSingapore Ends 181 Years of Horse Racing to Make Way for HomesUrban Heat Stress Is Another Disparity in the World’s Most Unequal NationFrom Cleveland to Chicago, NFL Teams Dream of Domed StadiumsWhat Do US Vehicle Regulators Have Against Tiny Cars?For a Master of Brutalist Provocations, a Modest Museum AppraisalListen to the Here’s Why podcast on Apple
Simply Wall St.
3 Stocks That May Be Trading Below Their Estimated Fair Value
As global markets navigate heightened geopolitical tensions and unexpected economic shifts, investors are closely monitoring the impact on various sectors. Despite these challenges, opportunities may arise in stocks that are trading below their estimated fair value, presenting potential for growth when market conditions stabilize. Identifying such stocks involves assessing their fundamentals and market position relative to current events, making them appealing options for those seeking value...
The Canadian Press
Stock market today: Wall Street slips under the weight of Treasury yields back above 4%
NEW YORK (AP) — U.S. stocks are slipping Monday as pressure rises from the bond market after Treasury yields hit their highest levels since the summer.
CNN
Ignore social media. Here’s what Harris’ unrealized capital gains tax proposal means for you
A tax proposal embraced by Vice President Kamala Harris that’s meant to target the wealthy is getting attention in an unlikely place for wonky policy debate: social media.
Insider Monkey
NVIDIA Corp. (NVDA): Analysts Are Bullish On This Quality Stock Right Now
We recently compiled a list of the 10 Best Quality Stocks to Buy According to Analysts. In this article, we are going to take a look at where NVIDIA Corp. (NASDAQ:NVDA) stands against the other quality stocks. Income-Focused Investing The stock market has seen a notable 20% increase year-to-date, but as it approaches the seasonally volatile […]
Bloomberg
Quebec Pension Fund Says It’s Ready to Back Couche-Tard in 7-Eleven Quest
(Bloomberg) -- A senior executive at Quebec’s public pension manager said the fund will likely provide financial backing to Alimentation Couche-Tard Inc. if it moves ahead with a takeover bid for Seven & i Holdings Co., the parent of the 7-Eleven chain. Most Read from BloombergSingapore Ends 181 Years of Horse Racing to Make Way for HomesFrom Cleveland to Chicago, NFL Teams Dream of Domed StadiumsUrban Heat Stress Is Another Disparity in the World’s Most Unequal NationWhat Do US Vehicle Regulato

Latest Stories