NEW YORK - Leading proxy advisory firms Institutional Shareholder Services Inc. (ISS) and Glass Lewis have recommended that shareholders of Masimo (NASDAQ:MASI) Corporation (NASDAQ: MASI) vote in favor of electing Politan Capital Management's nominees, Darlene Solomon and William Jellison, to the company's board of directors. The recommendation comes ahead of Masimo's Annual Meeting of Stockholders scheduled for July 25, 2024.
ISS's report supports Politan's argument for change within Masimo's governance structure, emphasizing the need for independent oversight during the upcoming separation of Masimo's consumer business.
ISS has raised concerns about the current board's accountability and the management's track record of disregarding shareholder interests. The report suggests that without additional independent board members, shareholder value could be at risk during the pivotal separation process.
The advisory firm also criticized Masimo's defensive rhetoric and highlighted the company's underperformance, suggesting operational issues under the current board's watch have contributed to a decline in shareholder value.
ISS underscored the qualifications of Politan's nominees, noting their executive experience and independence from Masimo's CEO, Joe Kiani. The report pointed out that both Jellison and Solomon have relevant backgrounds in mergers and acquisitions and business separations that could be beneficial to Masimo.
Quentin Koffey, Managing Partner and Chief Investment Officer of Politan, commented on the recommendations, stating that the endorsements from ISS and Glass Lewis validate the need for a majority of truly independent directors on Masimo's board.
Politan, which holds an 8.9% stake in Masimo, has been advocating for changes to the company's board to better protect shareholder interests. The firm encourages shareholders to vote for Solomon and Jellison using the WHITE proxy card provided for the annual meeting.
This article is based on a press release statement from Politan Capital Management.
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