2023-03-23 10:28:56 ET
Pulse oximetry company Masimo Corporation ( NASDAQ: MASI ) announced several changes to its board of directors on Thursday, including a lead independent director amid a proxy battle with activist investor Politan Capital Management.
Masimo ( MASI ) said that H Michael Cohen, the company's newly elected lead independent director, will preside over board meetings in the absence of Chairman Joe Kiani, who also serves as the chief executive.
"We recently visited several of our large stockholders and had good discussions with them," Kani said, adding, "based on their feedback, as well as feedback we previously received from other stockholders, the Board has decided to make a number of changes."
Other changes include plans to increase the board size to seven from five members and a revised executive compensation program which, the company said, would "better align compensation with stockholder returns" and reflect shareholder feedback at the 2022 Annual Meeting.
The announcement comes months after Politan acquired a ~9% stake in Masimo ( MASI ) last year, seeking changes at the company.
Early this month, $311B California State Teachers' Retirement System, one of the largest in the U.S., said it was teaming up with Politan to challenge the company's employment agreement with Kiani in the Delaware Chancery Court.
Read: Seeking Alpha contributor Qingshan Capital Management issued a Buy rating on Masimo ( MASI ) on Thursday, citing undervaluation.
For further details see:
Masimo announces changes to board amid proxy fight with Politan