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Activist investor Politan Capital Management, which already holds two seats on Masimo Corp.’s (NASDAQ:MASI) board, is planning to start another proxy fight for two more board seats at the pulse oximetry company, according to a WSJ report on Sunday, which cited people familiar.
The potential board seat fight comes after Masimo (MASI) on Friday announced its board authorized management to evaluate a proposed separation of its consumer business, sending the company’s shares soaring 14% in after-hours trading.
While Politan, which first reported a 9% stake in Masimo (MASI) in August 2022, supports a review of the company’s consumer business, the activist’s concern is that the company won’t follow through on a separation, according to the WSJ report.
The potential proxy fight comes after Politan Chief Investment Officer Quentin Koffey and healthcare executive Michelle Brennan were added to the Masimo (MASI) board last year after a proxy fight with the company.
Politan feels that Koffey and its other director have been boxed out by Masimo CEO Joe Kiani since joining the board, according to the WSJ report.
Masimo said in a statement to the WSJ that it’s fully committed to conducting a review of the separation and that Koffey has been a key part of talks about it.
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