ISS backs Politan’s nominees in Masimo board battle; Device developer says CEO is the target

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…

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Henry Schein investors push back on executive pay

Stanley Bergman is CEO and chair of Henry Schein [Photo courtesy of Henry Schein]

Nearly half of Henry Schein (Nasdaq:HSIC) shareholders who voted at this month’s annual meeting voted against the company’s pay packages for top executives, according to a new SEC filing.

About 48.5% of voting shareholders voted against the company’s executive pay plan in what’s known as the Say-on-Pay vote, according to vote results of the May 18 meeting filed with the SEC on Friday. The plan had 92% support in 2021, according to that year’s SEC filing, and about 90% support the year before that.

Because these are advisory votes, they don’t require the board or management to take action and won’t affect executive pay unless the board takes steps on its own. But it’s a way for investors to put the board and top executives on notice.

Following the 2021 vote’s overwhelming support, t…

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