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Activist investor Politan plans second proxy battle at Masimo, WSJ reports
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Activist investor Politan plans second proxy battle at Masimo, WSJ reports
Mar 24, 2024 8:15 PM

March 24 (Reuters) - Activist investor Politan Capital

Management, which last year won two seats on the board of

medical technology company Masimo Corp ( MASI ), is planning a

second proxy battle for two more seats, the Wall Street Journal

reported on Sunday.

Politan, which owns 9% of Masimo's ( MASI ) shares, plans to nominate

two director candidates to Masimo's ( MASI ) six-person board, the WSJ

reported, citing a person familiar with the matter.

The candidates are William Jellison, former chief financial

officer of medical device maker Stryker, and Darlene

Solomon, former chief technology officer of Agilent Technologies ( A )

, the report said.

Politan Capital Management did not immediately respond

to a Reuters request for comment.

Quentin Koffey-owned Politan has long criticized Masimo's ( MASI )

capital allocation and board oversight and expressed particular

concern about last year's $1 billion purchase of consumer audio

products maker Sound United.

Masimo ( MASI ) said on Friday that it is evaluating a proposed

spinoff of its consumer business, which includes its consumer

health and audio products.

"Members of the board, including Quentin Koffey, have been a

key part of the discussions concerning the separation dating

back to January," a Masimo ( MASI ) spokesperson said when asked about

Politan's reported plans for a new proxy contest.

"The proposed separation is also consistent with the

company's prior commitment to reassess the consumer business

strategy and structure within three years of the Sound United

acquisition, as well as the wishes of shareholders."

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