{"id":759943,"date":"2023-05-23T06:03:26","date_gmt":"2023-05-23T10:03:26","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/politan-calls-on-shareholders-to-elect-independent-oversight-to-masimos-board\/"},"modified":"2023-05-23T06:03:26","modified_gmt":"2023-05-23T10:03:26","slug":"politan-calls-on-shareholders-to-elect-independent-oversight-to-masimos-board","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/politan-calls-on-shareholders-to-elect-independent-oversight-to-masimos-board\/","title":{"rendered":"Politan Calls on Shareholders to Elect Independent Oversight to Masimo\u2019s Board"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwleftsingle { border-left: solid black 1pt }\n.bwlistdecimal { list-style-type: decimal }\n.bwlistdisc { list-style-type: disc }\n.bwpadl0 { padding-left: 0px }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwuline { text-decoration: underline }\n.bwvertalignb { vertical-align: bottom }\n.bwvertalignm { vertical-align: middle }\n.bwwidth1 { width: 1% }\n.bwwidth10 { width: 10% }\n.bwwidth100 { width: 100% }\n.bwwidth30 { width: 30% }\n.bwwidth39 { width: 39% }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Politan Calls on Shareholders to Elect Independent Oversight to Masimo\u2019s Board<\/b><\/p>\n<p class=\"bwalignc\"><i>Sends Letter to Masimo Shareholders and Files Definitive Proxy Materials<\/i><\/p>\n<p class=\"bwalignc\"><i>Encourages Shareholders to Help Fix Masimo\u2019s Broken Corporate Governance by Voting for Politan Nominees Michelle Brennan and Quentin Koffey on the <span class=\"bwuline\">BLUE<\/span> Card<\/i><\/p>\n<p class=\"bwalignc\"><i>Visit <\/i><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.AdvanceMasimo.com&amp;esheet=53403991&amp;newsitemid=20230521005029&amp;lan=en-US&amp;anchor=www.AdvanceMasimo.com&amp;index=1&amp;md5=81332e64ba35f893b3048d13782eac0e\"><i>www.AdvanceMasimo.com<\/i><\/a><i> for Additional Information<\/i><\/p>\n<p>NEW YORK&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nPolitan Capital Management (together with its affiliates, \u201cPolitan\u201d), a 9% shareholder of Masimo Corporation (\u201cMasimo\u201d or the \u201cCompany\u201d) (NASDAQ: MASI), today sent a letter to the Company\u2019s shareholders outlining why independent oversight and greater accountability is urgently needed on the Masimo Board. Politan also filed definitive proxy materials in connection with Masimo\u2019s Annual Meeting of Stockholders (the \u201cAnnual Meeting\u201d), which is currently scheduled for June 26, 2023. Shareholders can support change by voting for Politan\u2019s two ideally qualified nominees \u2013 Michelle Brennan and Quentin Koffey \u2013 for election to the Company\u2019s Board.<\/p>\n<p id=\"news-body-cta\">This press release features multimedia. View the full release here: <a href=\"https:\/\/www.businesswire.com\/news\/home\/20230521005029\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230521005029\/en\/<\/a><\/p>\n<div id=\"bwbodyimg\" style=\"width: 480px;float:left;padding-left:0px;padding-right:20px;padding-top:0px;padding-bottom:0px\"><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230521005029\/en\/1799826\/4\/stockchart_edited.jpg\" alt=\"Figure 1 (Graphic: Business Wire)\" \/><\/p>\n<p style=\"font-size:85%\">Figure 1 (Graphic: Business Wire)<\/p>\n<\/div>\n<p>\nFor more information, shareholders can visit: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.AdvanceMasimo.com&amp;esheet=53403991&amp;newsitemid=20230521005029&amp;lan=en-US&amp;anchor=www.AdvanceMasimo.com&amp;index=2&amp;md5=4cf5808b5e53bf61b2b3fd6c93f3bbf2\">www.AdvanceMasimo.com<\/a>. The full text of the letter is below:<\/p>\n<p>\nDear Fellow Masimo Shareholders,<\/p>\n<p>\nPolitan owns 9% of Masimo \u2013 an approximately $800 million investment that makes us one of the Company\u2019s largest shareholders. We believe Masimo has tremendous potential. However, change is needed to fix its broken corporate governance that has resulted in a deeply discounted valuation and an inability to profitably innovate and grow. This is why we have nominated two ideally qualified individuals to the Board, Michelle Brennan and Quentin Koffey. Our nominees have the skills, experience and shareholder alignment to help refresh Masimo\u2019s governance, bring discipline to its capital allocation and refocus its strategy.<\/p>\n<p>\nDespite our continual efforts over the past year to work privately and constructively with the Company, Masimo\u2019s Board has demonstrated zero interest in good faith discussions. Instead, it has taken a hostile approach to our engagement by adopting widely criticized bylaws, aggressively using litigation in an attempt to force us to disclose commercially sensitive information and trying to identify and pressure Politan\u2019s own investors.<\/p>\n<p>\nWhile these actions violate norms of behavior for public companies, they are entirely consistent with Masimo\u2019s long record of poor governance. As a result, the only option left open to us is to bring our concerns directly to shareholders. This is why we are writing to you now.<\/p>\n<p>\nFundamentally, what this upcoming vote is about is simple: fixing the prolonged and deliberate refusal by Masimo\u2019s Board to properly oversee management. Consider the following:<\/p>\n<ul class=\"bwlistdisc\">\n<li><b>Masimo\u2019s unprecedented collapse in value reveals a crisis of confidence. <\/b>Declining by five times the purchase price, Masimo\u2019s $5 billion drop in market value following the Sound United acquisition was not simply about the transaction. Rather, it revealed shareholders&#8217; concern that no Board oversight exists to stop future value destruction.\n<\/li>\n<li><b>Undisciplined capital allocation and an unfocused strategy have gone unchecked and severely depress valuation.<\/b> Masimo\u2019s efforts to enter adjacent markets have missed every target by over 50% and caused the Company to miss company-wide cash flow targets by 55% and ROIC to decline by 30%. Yet, management is only accelerating its investments into adjacent markets without any sign of fixing its flawed process. The result is that Masimo\u2019s stock price has significantly underperformed any relevant set of peers over any relevant time period.\n<\/li>\n<li><b>Masimo\u2019s governance is broken.<\/b> The Company ranks in the bottom 2<sup>nd<\/sup> percentile of the Russell 3000 for votes against directors and the bottom 0.1% for Say-on-Pay. This problem starts with the Board whose lead director believes, \u201cBetter governance doesn\u2019t drive better stock price.\u201d\n<\/li>\n<li><b>Compensation and side payments to the CEO epitomize the Board\u2019s poor oversight. <\/b>The size and terms of Mr. Kiani\u2019s employment agreement led a Delaware judge to call it \u201castounding,\u201d \u201ctruly amazing\u201d and even to say it may \u201camount to abdication [of the Board\u2019s fiduciary duties].\u201d A longtime compensation expert called it \u201cthe most egregious and problematic that I have ever seen or believe exists in the United States.\u201d Even Masimo\u2019s own director called it a \u201cpoison pill.\u201d\n<\/li>\n<li><b>The Board has an established history of undermining shareholder intentions. <\/b>While the Board gained widespread notoriety for adopting bylaws aimed at disenfranchising shareholders, these actions were part of a recurring pattern of behavior. For example, Masimo reneged on its previous commitment in 2015 to expand the Board to seven members. Today, the Board is at it again with its March 23<sup>rd<\/sup> governance maneuvers.\n<\/li>\n<li><b>This may be the only chance to deliver change. <\/b>We have spent over $15 million to navigate the Board\u2019s hostile maneuvers and Mr. Kiani\u2019s entrenching employment agreement. Given the lengths to which this Board and Mr. Kiani have gone, it is reasonable to think <span class=\"bwuline\">no shareholder will undertake the effort to nominate again if we do not succeed<\/span>.\n<\/li>\n<\/ul>\n<p><b>An unprecedented collapse in value reveals a crisis of confidence<\/b><\/p>\n<p>\nThe decline in Masimo\u2019s valuation following its acquisition of Sound United last year demonstrates just how concerned Masimo\u2019s shareholders are. Upon announcing the $1 billion cash acquisition, Masimo\u2019s market valuation fell by over $5 billion. At five times the purchase price, such a loss of value is unprecedented. It is 19x the standard deviation seen in US public markets following a deal, and three times worse than the second largest decline in the past decade. See Figure 1.<\/p>\n<p>\nThis violent market reaction revealed a long-simmering crisis of investor confidence. In fact, seven of the Company\u2019s 20 largest shareholders exited their investments, despite on average having owned Masimo for six years. If Masimo had dropped by $1 billion (the purchase price), perhaps that could be seen simply as shareholders not supporting the Board\u2019s specific decision to acquire Sound United. But declining by $4 billion more than the acquisition price reveals something much more fundamentally damaging: a concern there is no Board oversight in place to stop future value destruction.<\/p>\n<p>\nBy nominating independent directors who are aligned with long-term focused shareholders, we hope to fix the deep-seated governance, capital allocation and strategy problems that precipitated this drastic collapse. While merely recouping the decline from Sound United would mean a 60+% increase in Masimo\u2019s valuation, we believe that fixing the fundamental issues that triggered it can lead to much larger increases in value over time.<\/p>\n<p><b>Undisciplined capital allocation and an unfocused strategy negate the strength of Masimo\u2019s core<\/b><\/p>\n<p>\nWe have tremendous respect for Masimo as an organization and for how Mr. Kiani and his team built the core pulse oximetry business (SET) over the last 30 years. But we are concerned by how Masimo repeatedly spends the cash flow generated by SET on failed efforts to enter adjacent markets without any accountability.<\/p>\n<p>\nMasimo\u2019s dominant SET business ought to deliver outstanding shareholder returns given its favorable duopoly industry structure with significant barriers to entry and a high recurring revenue model. Unfortunately, the Company has substantially underperformed peers despite those medical device peers facing much more competitive end markets and less favorable sector dynamics.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth30\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nSound United<br \/>\n<br \/>1.3 Years<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n3 Years<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n\u00a05 Years<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwpadl0 bwwidth30\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\nBloomberg Peers\u200b\u200b\u200b<sup>(1)<\/sup><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n(35%)\u200b<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n(133%)\u200b<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n(102%)\u200b<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"4\" class=\"bwalignc bwvertalignm bwleftsingle bwpadl0 bwwidth30\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nMasimo Total Shareholder Return<br \/>\n<br \/>Performance vs.<br \/>\n<br \/><i>As of May 22, 2023<\/i><\/p>\n<\/td>\n<td rowspan=\"4\" class=\"bwvertalignm bwpadl0 bwwidth1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\nProxy Peers\u200b<sup>(2)<\/sup><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n(15%)\u200b<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n(42%)\u200b<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n(3%)\u200b<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\nProxy Peers with Same\u00a0Growth Profile<sup>\u200b(3)<\/sup><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n(39%)\u200b<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n(89%)\u200b<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n(140%)\u200b<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\nMedical Devices Index<sup>(4)<\/sup><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n(23%)\u200b<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n(65%)\u200b<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n(9%)\u200b<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\nComparable Business Quality Peers\u200b<sup>(5)<\/sup><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n(24%)\u200b<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n(83%)\u200b<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n(53%)\u200b<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwleftsingle bwpadl0 bwwidth30\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\nWall Street Sell-Side Peers<sup>(6)<\/sup><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n(26%)\u200b<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n(71%)\u200b<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\n(37%)\u200b<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nMasimo meaningfully underearns as it invests in new product launches into adjacent markets and has drastically missed any and all targets outside of SET. Rather than fixing its methods, Masimo seems to be only accelerating its efforts \u2013 throwing ever larger sums of money into what appears to be a broken process.<\/p>\n<ul class=\"bwlistdisc\">\n<li><b>Adjacent market efforts have missed every target by 50+%: <\/b>At each of its investor days, held in 2012, 2017 and 2019, Masimo established revenue targets for non-SET products \u2013 targets it claimed were conservative at the time \u2013 and proceeded to miss every one of them by a wide mark.\n<\/li>\n<li><b>Shortfalls cause Masimo to miss margin expansion targets by 54%, miss cash flow targets by 55% and ROIC to decline by 30%: <\/b>Accelerating investments with little revenue and no profits have resulted in Masimo missing company-wide margin and cash flow targets. Most notably, ROIC has consistently declined despite a recurring revenue model that ought to result in expanding ROIC.\n<\/li>\n<li><b>Masimo avoids accountability by removing disclosure and misstating prior targets: <\/b>Instead of acknowledging and fixing its market entry problems \u2013 which would help restore investor confidence \u2013 Masimo consistently removes disclosure such that today shareholders do not know how much is invested in new products, what revenue these efforts generate or even what segment margins are.\n<\/li>\n<li><b>Despite all the warning signs, Masimo is accelerating investments into areas further and further afield from its core competencies: <\/b>Masimo appears to be doing everything everywhere all at once. Across hospital automation, smart watches, adaptive acoustic earbuds, and baby monitors (just to name a few), Masimo is entering new markets against new competitors through new distribution channels. The result has been a frenetic proliferation of new product launches, but no indication that Masimo is even cognizant of the need to build a repeatable and successful market entry process.\n<\/li>\n<\/ul>\n<p>\nInvesting for future growth can yield terrific results and be well-rewarded in public markets, but it must be done with accountability, discipline and focus \u2013 attributes that are clearly lacking at Masimo. While the success of SET deserves admiration, it has not bestowed upon Masimo\u2019s management team and CEO a Midas Touch or granted them immunity from market realities.<\/p>\n<p>\nWe want to fix innovation at Masimo. We believe the Company has adjacent markets in which it can be very successful \u2013 such as patient care in the home setting \u2013 but we fear that by diverting its focus across multiple product launches at the same time, Masimo is increasing the likelihood that it fails at all of them. The market applies more than $5 billion of negative value for Masimo\u2019s adjacent market efforts out of a concern that not only will Masimo fail, but also that Masimo\u2019s Board will allow such failures to continue indefinitely.<\/p>\n<p><b>Masimo\u2019s broken governance is an extreme outlier by any measure<\/b><\/p>\n<p>\nWhen it comes to governance, Masimo is in a category all of its own. This is not a subjective view \u2013 the Company ranks last or among the bottom couple percent of all US public companies across numerous governance measures, and is unique in ranking so poorly across all of them. See Figure 2.<\/p>\n<ul class=\"bwlistdisc\">\n<li><b>The bottom 0.1% for votes against executive compensation: <\/b>Masimo has ranked in the bottom 0.1% of the entire Russell 3000 for \u201cSay-on-Pay\u201d since such votes were first required in 2011. In six of the last 12 years (including last year), Masimo has failed this vote. Only three other companies have had as many failures.\n<\/li>\n<li><b>The bottom 2% for \u201cwithhold\u201d votes against Board members: <\/b>Over the past decade, Masimo shareholders have withheld against Masimo directors at consistently high levels. Only twice during this period has even a single independent director done better than the bottom 33<sup>rd<\/sup> percentile, despite Masimo directors always running unopposed. At Masimo\u2019s last annual meeting, Directors Mikkelson and Reynolds (the only directors up for election) placed in the bottom 5<sup>th<\/sup> and 2<sup>nd<\/sup> percentiles.\n<\/li>\n<li><b>No independent director has ever bought a single share of Masimo stock: <\/b>Even with Masimo\u2019s valuation collapsing after directors approved the Sound United acquisition, no independent Board member has bought a single share.\n<\/li>\n<\/ul>\n<p><b>Compensation and side payments epitomize the Board\u2019s poor oversight<\/b><\/p>\n<p>\nThe Board has permitted Masimo\u2019s CEO to enrich himself to an astonishing degree \u2013 aspects of which we believe have repeatedly crossed the line into illegality.<\/p>\n<ul class=\"bwlistdisc\">\n<li><b>Annual compensation is 2x peers<\/b>: Mr. Kiani\u2019s annual salary is twice that of CEOs of peer medtech companies, despite Masimo having underperformed those peers.\n<\/li>\n<li><b>Unusual side payments are even larger<\/b>: The Board permits various side payments to Mr. Kiani. Masimo pays $17 million a year in royalties to Cercacor, a company where Mr. Kiani is CEO, Chairman and majority-owner. Masimo also contributed over $30 million to the Masimo Foundation, yet tens of millions of dollars of donations go to Mr. Kiani\u2019s personal causes and the majority of the Board has consisted of Mr. Kiani, his wife and his sister for most of its history.\n<\/li>\n<li><b>Special payment in employment agreement is an additional ~$600 million (over 5% of Masimo):<\/b> Mr. Kiani\u2019s employment agreement includes a special payment that is triggered by common governance changes such as appointing a Lead Independent Director or shareholders voting to change more than one-third of the Board. As a change in control payment, Mr. Kiani\u2019s arrangement is a staggering 38x the peer median and in the top 0.1 percentile of S&amp;P 1500 companies. As a penalty on shareholders exercising their right to vote, it is unprecedented and likely illegal.\n<\/li>\n<li><b>Shareholders have sued successfully in the past, but nothing changed: <\/b>In 2015 shareholders sued the Board for granting Mr. Kiani three times the permitted number of options in Masimo\u2019s compensation policy for four consecutive years. The Board entered a governance agreement requiring it to expand to seven directors. Not only did the Board not comply with the commitment, the directors approved the egregious 2015 employment agreement just a few months later.\n<\/li>\n<\/ul>\n<p><span class=\"bwuline\">Despite all of the above, the Board was in discussions to give Mr. Kiani even more.<\/span> Dismissive of Say-on-Pay results and shareholder lawsuits, the Board was entertaining Mr. Kiani\u2019s demands for even more compensation prior to Politan\u2019s engagement. In Mr. Kiani\u2019s own words, he wanted \u201cto get large sums of stock\u2026like the Elon Musk deal with Tesla.\u201d These discussions are in keeping with the reality that governance and compensation policies have gotten progressively worse despite over a decade of bottom percentile shareholder vote results and even litigation.<\/p>\n<p><b>The Board has an established history of undermining shareholder intentions and is doing so again with its March 23<sup>rd<\/sup> announcements<\/b><\/p>\n<p>\nWhile Masimo\u2019s Board gained widespread notoriety for adopting bylaws this fall aimed at disenfranchising its shareholders, the Board\u2019s actions were part of a recurring pattern of behavior. This has included pushing a director off the Board who opposed Mr. Kiani\u2019s compensation demands, supporting a compensation agreement that a Delaware judge indicated \u201cpreclude[s] the board from exercising its statutory and fiduciary duties,\u201d and undermining its 2015 commitment to expand Masimo\u2019s Board to seven members. Consistent with its track record, Masimo\u2019s Board made three governance announcements on March 23<sup>rd<\/sup> \u2013 and immediately proceeded to undermine each one.<\/p>\n<ul class=\"bwlistdisc\">\n<li><b>Create Lead Independent Director (LID) role; yet appoint Mr. Cohen as LID<\/b>: While we strongly support independent leadership of Masimo\u2019s Board, Mr. Cohen is the wrong choice. He testified under oath that he doesn\u2019t see the point of corporate governance, stating, \u201cBetter governance doesn\u2019t drive better stock price.\u201d Proving he really holds this dismissive view, Mr. Cohen also testified under oath that despite having been on the Board for nearly five years and on the compensation committee for two years, he had never read or even reviewed Mr. Kiani\u2019s 12-page compensation agreement. He did, however, approve changes to the agreement he never read that resulted in Masimo failing Say-on-Pay.\n<\/li>\n<li><b>Destagger Board; yet will not waive employment agreement provision that effectively keeps the Board permanently staggered<\/b>: Destaggering the Board is sleeves off Masimo\u2019s proverbial vest, given that Mr. Kiani\u2019s employment agreement means that no more than one-third of the Board can be replaced over three election cycles without triggering a massive penalty payment of ~$600 million to Mr. Kiani.\n<\/li>\n<li><b>Announced (once again) that the Board would expand to seven members<\/b>: We strongly support Masimo expanding its Board, but not in a manner that undermines the shareholder franchise. Having failed to block shareholder nominations with its bylaws, Masimo\u2019s Board has moved to dilute the impact from the 2023 annual meeting by packing the Board \u2013 something that is impermissible under settled Delaware law. In a transparent effort to somehow cleanse the action, Masimo is putting the Board expansion up to a vote, but not the actual directors. We asked the Board to commit to using a search firm to find director candidates (every current director was preselected by Mr. Kiani), to not include people with pre-existing relationships to the Board and to allow the newly constituted Board to carry out the search. Masimo flatly denied each of our requests with no explanation as to why.\n<\/li>\n<\/ul>\n<p><b>The 2023 AGM is a unique opportunity for change<\/b><\/p>\n<p>\nPolitan has navigated unprecedented impediments thrown up by Masimo\u2019s Board. We have spent more than $15 million in litigation fees to remove the entrenching bylaws. While the Board ultimately did remove the bylaws, it has refused to commit to not restore them again after this annual meeting. Further, to deter us, the Board hired private investigators to research Politan employees and family members, attempted to harass our investors, and endeavored to force Politan to disclose sensitive business information. Given the lengths this Board will go, it is reasonable to think no other shareholder will undertake this effort again if we do not succeed.<\/p>\n<p>\nIt is also critical to keep in mind that Mr. Kiani\u2019s employment agreement gives him enormous control over the Board while serving as a poison pill that denies fundamental rights of Masimo\u2019s shareholders. In order to delay the trial on his compensation after losing a key court hearing, Mr. Kiani granted a limited waiver to his agreement: <span class=\"bwuline\">only for this year\u2019s annual meeting will the election of shareholder nominees not trigger Mr. Kiani\u2019s ~$600 million payment<\/span>. Mr. Kiani has refused to permanently waive the provision and it will return for the 2024 annual meeting. As one of Masimo\u2019s own directors stated, \u201c[triggering the Special Payment is] a very scary prospect for me in that it\u2019s a lot of shares and a lot of dollars\u2026 I thought the employment agreement that existed alone was a sufficient poison pill and it was surprising to me that anyone would want two board seats\u2026\u201d<\/p>\n<p>\nAll of these facts add up to a clear conclusion: now may be the only opportunity to see real change at Masimo.<\/p>\n<p><b>Shareholder nominees can deliver needed change<\/b><\/p>\n<p>\nWe believe independent, shareholder-aligned oversight is needed on the Board. This is why Politan has nominated two ideally qualified director candidates for election at the 2023 Annual Meeting who are committed to representing the interests of all shareholders:<\/p>\n<ul class=\"bwlistdisc\">\n<li><b>Michelle Brennan<\/b>, a former senior executive at Johnson &amp; Johnson (\u201cJ&amp;J\u201d) for more than 30 years, where she oversaw medical device businesses globally as well as consumer pharmaceutical businesses. At J&amp;J, Michelle successfully scaled multiple businesses from inception to several billion dollars in revenue and led efforts to invest in innovation that resulted in successful new product launches. Michelle is currently an independent director at Cardinal Health (NYSE: CAH) and recently served on the Board of Coupa Software (NASDAQ: COUP).\n<\/li>\n<li><b>Quentin Koffey<\/b>, Managing Partner and Chief Investment Officer of Politan. Quentin has an established track record of working constructively with boards and management teams to enhance shareholder value, including at companies such as Centene (NYSE: CNC), Lowe\u2019s Companies (NYSE: LOW), Louisiana-Pacific (NYSE: LPX), Bunge (NYSE: BG), and Marathon Petroleum (NYSE: MPC).\n<\/li>\n<\/ul>\n<p>\nTogether, Michelle and I would bring a unique set of needed skills to the Masimo Board. Michelle has deep expertise from decades spent in relevant roles at one of the most respected healthcare and consumer products companies in the world, in addition to experience as a public company director. She has led a medical device business nearly four times the size of Masimo and fixed innovation processes to deliver consistently successful new product launches. I would add a true independent ownership perspective and my experience from dozens of collaborative engagements focused on improving capital allocation and corporate governance at companies across sectors. Michelle and Politan have no pre-existing relationship. Politan used a nationally recognized search firm to identify and contact candidates.<\/p>\n<p>\nMichelle and I both believe in the future of Masimo and that it has the opportunity for tremendous ongoing success. By electing us, shareholders will be adding to the Board independent, objective directors with the right skills and experience to help the Company realize its potential.<\/p>\n<p>\n***<\/p>\n<p>\nSincerely,<br \/>\n<br \/>Quentin Koffey<br \/>\n<br \/>Politan Capital Management<\/p>\n<p><b><span class=\"bwuline\">About Politan Capital Management<\/span><\/b><\/p>\n<p>\nWe are long-term focused shareholders with the substantial majority of the capital we have invested in Masimo committed for at least three years. We conduct extensive due diligence in advance of making investments, working with top-tier operating partners, consultants, and law firms. We seek to engage constructively with management teams and boards of directors to unlock long-term value through strategic, operational, and governance changes. Our firm was started in August 2021 and the investment partners have 35+ years of experience engaging productively for the benefit of all shareholders at companies such as Bunge, Centene, CoreLogic, Hess, Louisiana-Pacific, Lowe\u2019s, and Marathon Petroleum. We have placed ~30 directors on public company boards\u2014nearly all through privately negotiated settlement agreements.<\/p>\n<p><b><span class=\"bwuline\">Biographies of Politan\u2019s Nominees<\/span><\/b><\/p>\n<p><b>Michelle Brennan<\/b> is an accomplished healthcare executive with over 30 years of experience at Johnson &amp; Johnson. Michelle most recently served as Global Value Creation Leader and a member of the Medical Device Executive Leadership Team. Prior to this, she held a variety of roles, including Company Group Chair of J&amp;J\u2019s Medical Device business in Europe, Middle East &amp; Africa. Over her tenure, Michelle had P&amp;L responsibility for a more than $5 billion medical device business operating across diverse business models and geographies. She also successfully scaled multiple businesses from inception to several billion in revenue and led efforts to invest in innovation as well as optimize the R&amp;D process, which resulted in more effective and profitable product launches and more efficient spend. Michelle has broad operational experience across medical devices and consumer pharmaceuticals and is known for her expertise in strategy implementation, new product innovation, and business transformation.<\/p>\n<p>\nMichelle is currently an independent director at Cardinal Health (NYSE: CAH) and is a member of the Audit and Human Resources &amp; Compensation Committees. She recently served on the Board of Coupa Software (NASDAQ: COUP) as an independent director, where she was Chair of the Nominating and Corporate Governance Committee and a member of the Audit Committee, until the completion of Coupa\u2019s acquisition by Thoma Bravo for $8 billion in February of 2023. Michelle holds a BA from the University of Kansas and has attended Executive MBA courses at the Wharton School of the University of Pennsylvania.<\/p>\n<p><b>Quentin Koffey<\/b> is the Managing Partner and Chief Investment Officer of Politan Capital, a top shareholder of Masimo Corporation. In this role, Quentin leads efforts to work actively with management teams, boards of directors, and shareholders of portfolio companies on strategic, operational, and corporate governance matters to unlock long-term value for shareholders. Prior to founding Politan, Quentin was a partner at Senator Investment Group LP, where he created and led its shareholder engagement efforts, and a Portfolio Manager for Strategic Investments at The D.E. Shaw Group, where he started and led the firm\u2019s shareholder engagement strategy. Quentin also served as a Portfolio Manager at Elliott Management Corporation where he focused on active investments in public and private equity and credit.<\/p>\n<p>\nOver his career, Quentin has established a track record of working constructively with boards and management teams to enhance shareholder value, including at companies such as Centene (NYSE: CNC), Lowe\u2019s Companies (NYSE: LOW), Louisiana-Pacific (NYSE: LPX), Bunge (NYSE: BG), and Marathon Petroleum (NYSE: MPC). Quentin holds a BA from Yale College, a JD from Stanford Law School, and an MBA from Stanford Graduate School of Business.<\/p>\n<p><b>***<\/b><\/p>\n<p class=\"bwalignc\"><b>Your vote is important, no matter how many shares of Common Stock you own. We urge you to sign, date, and return the enclosed BLUE universal proxy card today to vote FOR the election of the Politan Nominees and in accordance with the Politan Parties\u2019 recommendations on the other proposals on the agenda for the 2023 Annual Meeting.<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth100\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignl bwcellpmargin\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nData and quotes throughout this letter are sourced from Masimo and other companies\u2019 filings, presentations and transcripts, third-party data sources including Bloomberg, legal filings and transcripts including the Verified Second Amended and Supplemented Complaint in Politan Capital Management LP and California State Teachers\u2019 Retirement System v Masimo Corporation. Data on shareholder voting is sourced from Institutional Shareholder Services Corporate Solutions. A more detailed description of calculations and company analysis will be available in Politan&#8217;s upcoming shareholder presentation.<\/p>\n<ol class=\"bwlistdecimal\">\n<li>\nBloomberg Peers include: SWAV, INSP, PEN, GMED, NARI, IRTC, ENOV, AXNX, ITGR, ATRC.<\/p>\n<\/li>\n<li>\n2022 Proxy Peers include: ABMD, ALGN, COO, XRAY, DXCM, GMED, HAE, HOLX, PODD, ICUI, IART, LIVN, NUVA, RMD, TDOC, TNDM, TFX, WST.<\/p>\n<\/li>\n<li>\nProxy Peers with Same Growth Profile are 2022 Proxy Peers that have a 3-year forward sales CAGR exceeding 10%. Includes: ABMD, DXCM, HOLX, PODD, RMD, WST.<\/p>\n<\/li>\n<li>\nDow Jones US Medical Equipment Index.<\/p>\n<\/li>\n<li>\nComparable Business Quality Peers: EW, IDEXX, RMD, ISRG.<\/p>\n<\/li>\n<li>\nWall Street Sell-Side Peers is peers used for Wolfe Research healthcare segment valuation: ABT, BSX, EW, RMD, STE.<\/p>\n<\/li>\n<\/ol>\n<p><b>CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS<\/b><\/p>\n<p>\nThe information herein contains \u201cforward-looking statements.\u201d Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and include, without limitation, words such as \u201cmay,\u201d \u201cwill,\u201d \u201cexpects,\u201d \u201cbelieves,\u201d \u201canticipates,\u201d \u201cplans,\u201d \u201cestimates,\u201d \u201cprojects,\u201d \u201cpotential,\u201d \u201ctargets,\u201d \u201cforecasts,\u201d \u201cseeks,\u201d \u201ccould,\u201d \u201cshould\u201d or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Forward-looking statements are subject to various risks and uncertainties and assumptions. There can be no assurance that any idea or assumption herein is, or will be proven, correct. If one or more of the risks or uncertainties materialize, or if Politan\u2019s (defined below) underlying assumptions prove to be incorrect, the actual results may vary materially from outcomes indicated by these statements. Accordingly, forward-looking statements should not be regarded as a representation by Politan that the future plans, estimates or expectations contemplated will ever be achieved.<\/p>\n<p>\nCertain statements and information included herein have been sourced from third parties. Politan does not make any representations regarding the accuracy, completeness or timeliness of such third party statements or information. Except as may be expressly set forth herein, permission to cite such statements or information has neither been sought nor obtained from such third parties. Any such statements or information should not be viewed as an indication of support from such third parties for the views expressed herein.<\/p>\n<p><b>CERTAIN INFORMATION CONCERNING THE PARTICIPANTS<\/b><\/p>\n<p>\nPolitan Capital Management LP (\u201cPolitan\u201d) and the other Participants (as defined below) have filed a definitive proxy statement and accompanying BLUE universal proxy card with the Securities and Exchange Commission (the \u201cSEC\u201d) to be used to solicit proxies for, among other matters, the election of its slate of director nominees at the 2023 annual stockholders meeting (the \u201c2023 Annual Meeting\u201d) of Masimo Corporation, a Delaware corporation (\u201cMasimo\u201d).<\/p>\n<p>\nThe participants in the proxy solicitation are Politan, Politan Capital Management GP LLC, Politan Capital Partners GP LLC, Politan Capital NY LLC, Politan Intermediate Ltd., Politan Capital Partners Master Fund LP (\u201cPolitan Master Fund\u201d), Politan Capital Partners LP (\u201cPolitan LP\u201d), Politan Capital Offshore Partners LP (\u201cPolitan Offshore\u201d and collectively with Politan Master Fund and Politan LP, the \u201cPolitan Funds\u201d), Quentin Koffey, Matthew Hall, Aaron Kapito and Michelle Brennan (collectively, the \u201cParticipants\u201d).<\/p>\n<p>\nAs of the date hereof, (i) Politan Master Fund directly owns 4,712,518 shares of common stock, par value $0.001 per share, of Masimo (the \u201cCommon Stock\u201d), and (ii) Politan Capital NY LLC is the direct and record owner of 1,000 shares of Common Stock.<\/p>\n<p>\nPolitan, as the investment adviser to the Politan Funds, may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) 4,713,518 shares of Common Stock (the \u201cPolitan Shares\u201d) and, therefore, Politan may be deemed to be the beneficial owner of all of the Politan Shares. The Politan Shares collectively represent approximately 8.9% of the outstanding shares of Common Stock based on 52,779,770 shares of Common Stock outstanding as of April 1, 2023, as reported in Masimo\u2019s Quarterly Report on Form 10-Q filed on May 10, 2023. As the general partner of Politan, Politan Capital Management GP LLC may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) all of the Politan Shares and, therefore, Politan Capital Management GP LLC may be deemed to be the beneficial owner of all of the Politan Shares. As the general partner of the Politan Funds, Politan Capital Partners GP LLC may be deemed to have the shared power to vote or to direct the vote of (and the shared power to dispose or direct the disposition of) all of the Politan Shares and, therefore, Politan Capital Partners GP LLC may be deemed to be the beneficial owner of all of the Politan Shares. By virtue of Mr. Koffey\u2019s position as the managing partner and chief investment officer of Politan and as the managing member of Politan Capital Management GP LLC and Politan Capital Partners GP LLC, Mr. Koffey may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) all of the Politan Shares and, therefore, Mr. Koffey may be deemed to be the beneficial owner of all of the Politan Shares. As of the date hereof, none of Mr. Hall, Mr. Kapito or Ms. Brennan own beneficially or of record any shares of Common Stock.<\/p>\n<p><b>IMPORTANT INFORMATION AND WHERE TO FIND IT<\/b><\/p>\n<p>\nPOLITAN STRONGLY ADVISES ALL STOCKHOLDERS OF MASIMO TO READ THE DEFINITIVE PROXY STATEMENT, ANY AMENDMENTS OR SUPPLEMENTS TO SUCH PROXY STATEMENT AND OTHER PROXY MATERIALS FILED BY POLITAN WITH THE SEC AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC\u2019S WEBSITE AT <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.sec.gov&amp;esheet=53403991&amp;newsitemid=20230521005029&amp;lan=en-US&amp;anchor=WWW.SEC.GOV&amp;index=3&amp;md5=cbe5a91aecd32c4bfb21e4822de49600\">WWW.SEC.GOV<\/a>. THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS, ARE ALSO AVAILABLE ON <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2FWWW.ADVANCEMASIMO.COM&amp;esheet=53403991&amp;newsitemid=20230521005029&amp;lan=en-US&amp;anchor=WWW.ADVANCEMASIMO.COM&amp;index=4&amp;md5=ec6ea9b989af4fef103dd3c6ed592102\">WWW.ADVANCEMASIMO.COM<\/a> AND THE SEC WEBSITE, FREE OF CHARGE, OR BY DIRECTING A REQUEST TO THE PARTICIPANTS\u2019 PROXY SOLICITOR, D.F. KING &amp; CO., INC., 48 WALL STREET, 22ND FLOOR, NEW YORK, NEW YORK 10005 (STOCKHOLDERS CAN CALL TOLL-FREE: +1 (866) 620-9554).<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230521005029r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230521005029\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230521005029\/en\/<\/a><\/span><\/p>\n<p><b>Investors<br \/>\n<\/b><br \/>D.F. King &amp; Co., Inc.<br \/>\n<br \/>Edward McCarthy<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:emccarthy@dfking.com\">emccarthy@dfking.com<\/a><\/p>\n<p><b>Media<br \/>\n<\/b><br \/>Dan Zacchei \/ Joe Germani<br \/>\n<br \/>Longacre Square Partners<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:dzacchei@longacresquare.com\">dzacchei@longacresquare.com<\/a> \/ <a rel=\"nofollow\" href=\"mailto:jgermani@longacresquare.com\">jgermani@longacresquare.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America New York<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Other Professional Services Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Photo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230521005029\/en\/1799199\/3\/Politan_Charts_edited.jpg\" alt=\"Photo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\">Figure 2 (Graphic: Business Wire)<\/font><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Photo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230521005029\/en\/1799826\/3\/stockchart_edited.jpg\" alt=\"Photo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\">Figure 1 (Graphic: Business Wire)<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Politan Calls on Shareholders to Elect Independent Oversight to Masimo\u2019s Board Sends Letter to Masimo Shareholders and Files Definitive Proxy Materials Encourages Shareholders to Help Fix Masimo\u2019s Broken Corporate Governance by Voting for Politan Nominees Michelle Brennan and Quentin Koffey on the BLUE Card Visit www.AdvanceMasimo.com for Additional Information NEW YORK&#8211;(BUSINESS WIRE)&#8211; Politan Capital Management (together with its affiliates, \u201cPolitan\u201d), a 9% shareholder of Masimo Corporation (\u201cMasimo\u201d or the \u201cCompany\u201d) (NASDAQ: MASI), today sent a letter to the Company\u2019s shareholders outlining why independent oversight and greater accountability is urgently needed on the Masimo Board. Politan also filed definitive proxy materials in connection with Masimo\u2019s Annual Meeting of Stockholders (the \u201cAnnual Meeting\u201d), which is currently scheduled for June 26, 2023. Shareholders &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/politan-calls-on-shareholders-to-elect-independent-oversight-to-masimos-board\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Politan Calls on Shareholders to Elect Independent Oversight to Masimo\u2019s Board&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-759943","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Politan Calls on Shareholders to Elect Independent Oversight to Masimo\u2019s Board - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/politan-calls-on-shareholders-to-elect-independent-oversight-to-masimos-board\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Politan Calls on Shareholders to Elect Independent Oversight to Masimo\u2019s Board - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Politan Calls on Shareholders to Elect Independent Oversight to Masimo\u2019s Board Sends Letter to Masimo Shareholders and Files Definitive Proxy Materials Encourages Shareholders to Help Fix Masimo\u2019s Broken Corporate Governance by Voting for Politan Nominees Michelle Brennan and Quentin Koffey on the BLUE Card Visit www.AdvanceMasimo.com for Additional Information NEW YORK&#8211;(BUSINESS WIRE)&#8211; Politan Capital Management (together with its affiliates, \u201cPolitan\u201d), a 9% shareholder of Masimo Corporation (\u201cMasimo\u201d or the \u201cCompany\u201d) (NASDAQ: MASI), today sent a letter to the Company\u2019s shareholders outlining why independent oversight and greater accountability is urgently needed on the Masimo Board. Politan also filed definitive proxy materials in connection with Masimo\u2019s Annual Meeting of Stockholders (the \u201cAnnual Meeting\u201d), which is currently scheduled for June 26, 2023. Shareholders &hellip; Continue reading &quot;Politan Calls on Shareholders to Elect Independent Oversight to Masimo\u2019s Board&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/politan-calls-on-shareholders-to-elect-independent-oversight-to-masimos-board\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-23T10:03:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mms.businesswire.com\/media\/20230521005029\/en\/1799826\/4\/stockchart_edited.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"25 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/politan-calls-on-shareholders-to-elect-independent-oversight-to-masimos-board\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/politan-calls-on-shareholders-to-elect-independent-oversight-to-masimos-board\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Politan Calls on Shareholders to Elect Independent Oversight to Masimo\u2019s Board\",\"datePublished\":\"2023-05-23T10:03:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/politan-calls-on-shareholders-to-elect-independent-oversight-to-masimos-board\\\/\"},\"wordCount\":5064,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/politan-calls-on-shareholders-to-elect-independent-oversight-to-masimos-board\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mms.businesswire.com\\\/media\\\/20230521005029\\\/en\\\/1799826\\\/4\\\/stockchart_edited.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/politan-calls-on-shareholders-to-elect-independent-oversight-to-masimos-board\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/politan-calls-on-shareholders-to-elect-independent-oversight-to-masimos-board\\\/\",\"name\":\"Politan Calls on Shareholders to Elect Independent Oversight to Masimo\u2019s Board - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/politan-calls-on-shareholders-to-elect-independent-oversight-to-masimos-board\/","og_locale":"en_US","og_type":"article","og_title":"Politan Calls on Shareholders to Elect Independent Oversight to Masimo\u2019s Board - Market Newsdesk","og_description":"Politan Calls on Shareholders to Elect Independent Oversight to Masimo\u2019s Board Sends Letter to Masimo Shareholders and Files Definitive Proxy Materials Encourages Shareholders to Help Fix Masimo\u2019s Broken Corporate Governance by Voting for Politan Nominees Michelle Brennan and Quentin Koffey on the BLUE Card Visit www.AdvanceMasimo.com for Additional Information NEW YORK&#8211;(BUSINESS WIRE)&#8211; Politan Capital Management (together with its affiliates, \u201cPolitan\u201d), a 9% shareholder of Masimo Corporation (\u201cMasimo\u201d or the \u201cCompany\u201d) (NASDAQ: MASI), today sent a letter to the Company\u2019s shareholders outlining why independent oversight and greater accountability is urgently needed on the Masimo Board. Politan also filed definitive proxy materials in connection with Masimo\u2019s Annual Meeting of Stockholders (the \u201cAnnual Meeting\u201d), which is currently scheduled for June 26, 2023. 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