(Reuters) – Masimo said on Thursday that it is prepared to appoint Politan Capital Management’s nominee William Jellison as a director on its board, if the activist investor withdraws its other nominee and drops its proxy contest.
In March, Politan, which owns a near 9% stake in Masimo, had nominated Jellison, former CFO of Stryker, and Darlene Solomon, former CTO of Agilent Technologies, as its candidates to Masimo’s six-member board.
Quentin Koffey-owned Politan has long criticized Masimo’s capital allocation and board oversight and expressed particular concern about its $1 billion purchase of consumer audio products maker Sound United in 2022.
In a letter addressed to Koffey, Masimo said “reaching a settlement would provide stockholders immediate clarity on the path forward, confidence that management can focus on operational execution and not be distracted by a proxy contest”.
Politan Capital Management did not immediately respond to a request for comment.
(Reporting by Christy Santhosh in Bengaluru; Editing by Shailesh Kuber)
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