Press release
Masimo Announces Nomination of Independent Candidate to the Board of Directors
Experienced Medical Device Executive Christopher Chavez to Stand for Election at 2024 Annual Meeting Company Extends Third Settlement Offer to Politan;
About this update from Masimo Corporation
[{"type":"text","content":"\n Experienced Medical Device Executive Christopher Chavez to Stand for Election at 2024 Annual Meeting\n\n\nCompany Extends Third Settlement Offer to Politan; Politan Again Rejects Offer\n\n\n IRVINE, Calif.--(BUSINESS WIRE)--\nMasimo (NASDAQ: MASI) announced today that its Board of Directors has nominated Christopher Chavez for election as a Class II Director at the Company’s 2024 Annual Meeting of Stockholders. Following Rolf Classon’s unexpected resignation from the Board on May 10, 2024, due to health issues, members of the Board contacted and considered several candidates with skills and experiences that would enhance the Board’s slate. Mr. Chavez brings more than 30 years of leadership experience in the medical device industry, including two past appointments as a public company CEO and many years as an independent public company director.\n\n\nCraig Reynolds, Masimo’s Lead Independent Director and Chair of the Nominating, Compliance and Corporate Governance Committee, said, “We’re pleased to announce Chris’s nomination. With his successful track record as a former CEO at two medical technology companies, the industry expertise he demonstrated in his role as the Chair of the Medical Device Manufacturers Association and his experience as an independent public company director, Mr. Chavez would add valuable strategic, operational and transactional expertise to the Masimo Board.”\n\n\n“I am excited about the prospect of joining Masimo’s Board and helping the Company continue on its growth trajectory,” said Mr. Chavez. “I look forward to working with the entire Board to help Masimo reach its full potential.”\n\n\nSeparately, the Company extended its third settlement offer to Politan Capital Management, proposing that Mr. Chavez and Politan nominee William Jellison be added to the Board. The expansion of the Board to seven members, six of whom are independent, would avoid concerns of potential deadlock on the Board. Politan rejected the offer.\n\n\nMr. Chavez was most recently Chairman, Chief Executive Officer and President of TriVascular, Inc., where, over the course of four years, he led the company’s commercialization of an innovative abdominal aortic stent graft system, including achieving FDA premarket approval, and successfully negotiated the merger of TriVascular into Endologix, Inc. in 2016.\n\n\nPrior to TriVascular, ...