Masimo Appoints Michelle Brennan as Interim CEO Following Joe Kiani’s Resignation

Joe Kiani's Resignation:
Joe Kiani, the founder and long-time CEO of Masimo, resigned on September 19, 2024, following the election of Politan Capital Management's nominees to the board of directors.

Interim CEO Appointment:
Michelle Brennan, a former Johnson & Johnson executive and current member of the Masimo Board, has been appointed as the interim CEO.

Board Composition:
Politan Capital Management now controls four of six seats on Masimo’s board of directors, including Michelle Brennan, Darlene Solomon, William Jellison, and Quentin Koffey.

Search for Permanent CEO:
The Board has retained Korn Ferry to conduct a search for a new permanent CEO.

Market Reaction:
Masimo's stock price increased by 6.02% to $133.77 following the announcement.

Legal Action:
Joe Kiani has filed a lawsuit in California state court against Masimo seeking declaratory relief that he had validly terminated his employment for "Good Reason," which could potentially trigger a significant payment to Kiani.