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☆ Masimo CEO Joe Kiani ousted from board after proxy fight; Politan wins two seats
▼ + stars: | 2024-09-19 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Activist investor Politan Capital won the two board seats it was seeking at medical technology company Masimo , defeating founder and CEO Joe Kiani and another director, Chris Chavez, at the shareholder vote. Politan nominees Darlene Solomon and Bill Jellison will join Politan investment chief Quentin Koffey and former Johnson & Johnson executive Michelle Brennan, who obtained board seats in a prior proxy fight last year. The extended proxy fight was marked by a fierce legal battle. The victory for Politan will likely result in the departure of CEO Kiani as well as operating chief Bilal Muhsin. WATCH: Masimo CEO on the proxy fight

Persons: Joe Kiani, Chris Chavez, Politan, Darlene Solomon, Bill Jellison, Quentin Koffey, Johnson, Michelle Brennan, Politan's, Chavez, Masimo, Koffey, Kiani, Bilal Muhsin, Muhsin Organizations: Politan Capital, Healthcare, Consumer, Apple, Apple Watch

☆ Proxy advisor ISS says Masimo change is 'absolutely necessary' in brutal report
▼ + stars: | 2024-07-15 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Joe Kiani, Founder, Chairman & CEO, Masimo; on Startup University Stage on day three of Collision 2024 at the Enercare Centre in Toronto, Canada. Masimo under Kiani's leadership "has continued to display a dangerous lack of accountability to shareholders that will require additional board change to rectify," ISS wrote. By contrast, ISS wrote, Politan "has presented a logical plan" and nominees which "appear to be appropriate." ISS wrote that such threats were unacceptable. "Under no circumstances should shareholders ever abide ultimatums or threats from a CEO, at MASI or anywhere else," the proxy advisor wrote, referring to Masimo's stock ticker.

Persons: Joe Kiani, Masimo, Bill Jellison, Darlene Solomon, Glass Lewis, Kiani, Biden, Kiani's Organizations: Enercare, Services, CNBC, Politan Capital, ISS, Politan Locations: Toronto, Canada, MASI

☆ Proxy advisor backs activist Politan nominees in scathing Masimo report
▼ + stars: | 2024-07-12 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Proxy advisory firm Glass Lewis on Thursday recommended that shareholders of Masimo , the medical technology firm best known for its Apple Watch patent litigation, elect dissident Politan's two nominees, Bill Jellison and Darlene Solomon. Masimo's board includes Kiani, former Disney CEO Bob Chapek and Politan managing member Quentin Koffey, who overwhelmingly won the election last year. Glass Lewis tacitly endorsed that criticism in its report, writing that the company displayed "de minimus responsibility" and "poor governance." Alongside its larger peer Institutional Shareholder Services, though, Glass Lewis reports are considered highly important to passive investors. Glass Lewis responded to RTW with an offer to meet on July 8, shortly after Politan's allegations were publicized in an SEC filing.

Persons: Joe Kiani, Glass Lewis, Politan's, Bill Jellison, Darlene Solomon, Kiani, Bob Chapek, Quentin Koffey, Kiani —, Politan, Jellison, RTW, Christopher Chavez, RTW's Organizations: Enercare, Masimo, Apple Watch, CNBC, Disney, Services, ISS, Kiani, SEC Locations: Toronto, Canada, Solomon, Politan

☆ Masimo activist Politan presents 'last chance' for shareholders to force change at med-tech company
▼ + stars: | 2024-06-26 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +7 min

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

☆ Masimo CEO: Our healthcare investors don't know how to deal with the consumer side of the business
▼ + stars: | 2024-05-17 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMasimo CEO: Our healthcare investors don't know how to deal with the consumer side of the businessJoe Kiani, Masimo CEO, joins 'Closing Bell Overtime' to talk the proxy fight, its healthcare versus its consumer segment, its consumer product lineup and more.

Persons: Joe Kiani

☆ Masimo seeks to stave off proxy fight with Politan, makes settlement offer
▼ + stars: | 2024-05-09 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Health-tech firm Masimo , facing the imminent threat of litigation and a second proxy contest, offered a settlement to Politan Capital's Quentin Koffey on Thursday that would fill a vacant board seat with one of the activist's proposed directors. The company is trying to spin off its consumer technology division in concert with an unspecified joint-venture partner, CEO Joe Kiani said earlier this year. The settlement offer would not have been possible without the imminent resignation of current director Rolf Classon, whose departure was attributed to "personal health reasons." Koffey waged a successful proxy fight at Masimo last year earning himself and another nominee representation on Masimo's six-person board. Politan launched a second proxy fight to oust Kiani earlier this year, saying that the "absence of oversight has been damaging for shareholders."

Persons: Politan Capital's Quentin Koffey, Masimo's, Craig Reynolds, William Jellison, Joe Kiani, Koffey, Masimo, Rolf Classon, Politan, Kiani Organizations: Masimo Locations: Kiani

☆ Masimo activist director Koffey demands ‘basic’ information on company’s proposed spinoff
▼ + stars: | 2024-05-08 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Politan Capital's Quentin Koffey sent a letter to Masimo CEO Joe Kiani on Wednesday, demanding information about the health-tech company's proposed spinoff of its consumer business. The purchase was a catalyst for Politan's first proxy fight at the company. Last month, Masimo said it would spin off its consumer business, spurring a rally in the stock. Koffey said in his letter that Masimo management has asked "that directors sign a non-disclosure agreement" to get access to information around the deal. The activist is also seeking information on any financial and leadership opportunities Kiani has been promised at the spinout.

Persons: Politan, Quentin Koffey, Joe Kiani, Masimo, Koffey, Kiani, Micah Young, Masimo weren't Organizations: Masimo, Sound United, Fidelity, Kiani

☆ Masimo's billionaire CEO put shares on margin to get cash while keeping ownership ahead of proxy fight
▼ + stars: | 2024-05-01 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Kiani has just under 4 million Masimo shares, or around 7.5% of the company, according to FactSet data. Masimo shares are up 15% this year, lifting the company's market cap past $7 billion. Politan controls 8.9% of Masimo shares. Kiani, 59, pledged 2.97 million Masimo shares as of April, valued at $397 million, as collateral against "personal loans." "Rather than sell his pledged shares, Mr. Kiani increased his pledge to maintain his stock ownership."

Persons: Joe Kiani, Joe Biden, Quentin Koffey's, Kiani, Masimo, Politan Organizations: Apple, Capital Management, CNBC

☆ Activist investor plans second fight at Masimo, sending shares up 5%
▼ + stars: | 2024-03-25 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Health-tech company Masimo , best known for its successful patent litigation over the Apple Watch, is facing a proxy fight for the second time in two years — from the same activist investor who now sits on the company's six-person board. The acquisition, which frustrated some investors and was seen as unrelated to Masimo's core health-tech focus, prompted Politan's first proxy fight at the company. If successful, the activist investor would control four of the company's six board seats. In the previous proxy fight, Kiani showed no desire to settle a fight with the activist fund. Politan said in its release that it hoped to avoid another proxy fight.

Persons: Quentin Koffey's, Masimo, Politan's, Politan, Darlene Solomon, Bill Jellison, Solomon, Jellison, Michelle Brennan, Koffey, Joe Kiani, Kiani, Darlene, Bill, Quentin Koffey Organizations: Apple Watch, Sound Locations: Agilent

☆ Masimo CEO on potential split, proxy battle and spinning off consumer business
▼ + stars: | 2024-03-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMasimo CEO on potential split, proxy battle and spinning off consumer businessJoe Kiani, Masimo CEO, joins 'Closing Bell: Overtime' to discuss the company spinning off its consumer business.

Persons: Joe Kiani

☆ Apple's problems are piling up ahead of its biggest launch in nearly a decade
▼ + stars: | 2024-01-18 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

But it's battling problems with the Apple Watch, falling iPhone sales in China, and developer fury. All of which have put Apple in a difficult position ahead of its biggest launch in nearly a decade. AdvertisementWith the Vision Pro hitting shelves in two weeks, Apple should be laser-focused on what's set to be its most significant launch since 2014. In China, Apple's biggest international market for its smartphone, sales have plummeted in recent months. These are clearly problems Apple could do without ahead of its looming Vision Pro launch.

Persons: —, Michael M, Joe Kiani, Apple, Wang Gang, – Organizations: Apple, Apple Watch, Service, International Trade Commission, Appeals, Federal Circuit, Business, Bloomberg, Games, Wall Street, Vision Locations: China

☆ Apple's response to patent ruling is 'loaded and outrageous', says Masimo CEO
▼ + stars: | 2023-10-27 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailApple's response to patent ruling is 'loaded and outrageous', says Masimo CEOJoe Kiani, Masimo CEO, joins 'Closing Bell Overtime' to talk its legal win over Apple, Apple's response, what's next for Masimo and more.

Persons: Joe Kiani, what's Organizations: Apple

A new Apple Watch Ultra 2 is displayed during the 'Wonderlust' event at the company's headquarters in Cupertino, California, U.S. September 12, 2023. Masimo's 2021 complaint said the 2020 Apple Watch Series 6, the first model with blood-oxygen monitoring capabilities, infringed its patents. Apple has since shifted some of its Apple Watch production to Vietnam. Irvine, California-based Masimo has accused Apple of stealing its technology and incorporating it into several Apple Watch models. Apple is also facing an Apple Watch import ban in a separate patent dispute with medical technology company AliveCor.

Persons: Loren Elliott, Joe Biden's, Masimo, Joe Kiani, Apple's wearables, AirPods earbuds, Blake Brittain, David Bario, Grant McCool, Bill Berkrot Organizations: Apple Watch, REUTERS, U.S . International Trade Commission, Apple, U.S ., Appeals, Federal Circuit, ITC, Thomson Locations: Cupertino , California, U.S, China, Vietnam, Irvine , California, California, Delaware, Washington

The biggest buy came from RenaissanceRE CEO Kevin O'Donnell, who bought $2.5 million worth of the insurer's stock, according to securities filings and VerityData. Kiani's roughly $1 million purchase comes after he scooped up $6 million of the stock in November and December of 2022. 1) RenaissanceRE — O'Donnell bought $2.5 million worth of shares on May 26 as part of a secondary offering. 4) Masimo — Kiani spent just over $1 million on Masimo stock on May 25, building on a $6 million purchase from late last year. 5) Driven Brands — CEO Jonathan Fitzpatrick bought nearly $1 million worth of the automotive services company's stock on Tuesday.

Persons: Kevin O'Donnell, Validus, O'Donnell, Joe Kiani, Masimo, RenaissanceRE — O'Donnell, Bernard Lanigan, Kevin Dallas, — Kiani, Jonathan Fitzpatrick Organizations: AIG, Politan, Tech, Politan Capital Locations: RenaissanceRe, VerityData

☆ Fintech Public just partnered with Chris Evans' civic-engagement company to help retail investors get better informed on public policy
▼ + stars: | 2023-04-11 | by ( Paige Hagy | ) www.businessinsider.com time to read: +4 min

Investing app Public is partnering with civic-engagement company A Starting Point. A Starting Point was cofounded by Chris Evans, Mark Kassen, and Joe Kiani. The partnership offers Public's retail investors educational content produced by A Starting Point. Fintech Public wants its users to be better informed about public policy, and it's partnering with Captain America for the job. The series is aimed to educate retail investors by offering policy news briefs, fiscal and monetary policy explainers, and interviews with lawmakers.

☆ Insider buying: This CEO bought roughly $5 million of his stock after an activist investor lawsuit
▼ + stars: | 2022-11-18 | by ( Jesse Pound | ) www.cnbc.com time to read: +2 min

The CEO of medical device company Masimo bought roughly $5 million of stock over the past week, adding to his stake shortly after a lawsuit from an activist investor. Masimo : CEO Joe Kiani made two groups of purchases worth nearly $5 million in total on Nov. 11 and Nov. 14. Corebridge Financial : director Alan Colberg bought about $688,000 worth of stock on Nov. 10. Cogent Communications : director Marc Montagner bought roughly $549,000 of stock on Nov. 9. The purchase of Cogent stock by Montagner is the largest ever insider purchase for the internet service provider.

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