Led by Quentin Koffey, Politan has nominated two further directors to the company's board, and says that without their election, management will continue to operate without oversight.
"This is shareholders' last chance at meaningful change," Politan wrote in a letter to Masimo shareholders on Wednesday, laying out its case to investors ahead of the meeting.
But governance improvements have fallen short of what shareholders deserve, Koffey wrote in the letter, noting that Masimo's board "does not review, approve or see a budget."
Masimo took aggressive steps to fend off Politan, introducing bylaws to force the firm to reveal its shareholder list.
"For more than two years, Politan has navigated unprecedented impediments thrown up by Masimo's board," the activist said.
Persons:
MASI, Joe Kiani, Manjunath Kiran, Quentin Koffey, Politan, Masimo, Koffey, Michelle Brennan, Darlene Solomon, Bill Jellison, Stryker, it's, Kiani, Wilkins, Denon, Mario Tama, haven't, Russell, management's
Organizations:
Getty, Politan Capital Management, CNBC, Apple Watch, Sound United, Bowers, Sound, Shareholders
Locations:
Bangalore, Jan, Delaware, Caribbean, Irvine , California