Masimo, a prominent medical equipment manufacturer, has announced that CEO Joe Kiani will step down from his position after shareholders voted to remove him from the company’s board. Michelle Brennan has been appointed as the interim CEO.
The company gained recognition for suing Apple over patent infringement related to oxygen level sensors, leading to the removal of this feature from Apple Watches sold in the US until the case concludes. Kiani stated that Masimo has spent over $100 million on the lawsuit but is confident of winning.
However, Kiani’s departure is not directly related to the Apple lawsuit. It stems from his announcement of the acquisition plan of Sound United for $1 billion, which was opposed by Politan Capital Management, a Masimo shareholder holding a 9% stake. They initiated a vote to remove Kiani from his position, ultimately succeeding.
Source: Reuters
TLDR: Masimo’s CEO, Joe Kiani, steps down after shareholders vote him out following a controversy over patent infringement and a disputed acquisition plan.
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