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Activist investor Politan Capital Management, which already holds two seats in Masimo Corp. (NASDAQ:MASI), is planning to launch another proxy battle for two more seats on the pulse oximetry company’s board of directors, according to a WSJ report on Sunday, which cited familiar people.
The potential fight for the board seat comes after Masimo ( MASI ) announced Friday that its board of directors has authorized management to evaluate a proposal to separate its consumer businesses, sending the company’s shares soaring by 14 % in after-hours trading.
Although Politan, who first registered a 9% stake in Masimo (MASI) in August 2022, favors an overhaul of the company’s consumer business, the activist’s concern is that the company will not follow through 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 Masimo’s (MASI) board last year following a proxy battle with the company.
Politan believes Koffey and his other director have been sidelined by Masimo CEO Joe Kiani since joining the board, according to the WSJ report.
Masimo said in a statement to the WSJ that it was fully committed to conducting a review of the separation and that Koffey played a key role in the talks regarding it.