Politan Capital Management’s fight for two Masimo (Nasdaq: MASI) + board seats won a key endorsement from proxy advisory firm Institutional Shareholder Services (ISS), the activist investor said today.
ISS is recommending Masimo shareholders vote for Politan’s two board nominees: Politan Managing Partner and Chief Investment Officer Quentin Koffey and former Johnson & Johnson MedTech executive Michelle Brennan.
Politan, which owns around 9% of Masimo, is campaigning to replace Masimo-backed board incumbents H Michael Cohen and Julie Shimer at the June 26 annual meeting. Politan says change is needed to keep the device developer focused and rein in Masimo founder, CEO and Chair Joe Kiani.
Related: Masimo makes an offer in board election fight with Politan
In a letter to shareholders before Politan announced the ISS recommendation, Masimo said it feared Koffey would move to oust Kiani, citin…