Masimo Appoints 2 New Board Members in Wake of Politan Win

Masimo has appointed two new directors to its board, Timothy J. Scannell and Wendy E. Lane. There are now eight members of the company’s board.
 
These appointments follow the recent end of a two-year proxy battle between Masimo and activist investor Politan Capital Management over control of the company’s board. Rather than ex-CEO Joe Kiani—who resigned following the loss of his board reelection as he had warned he would—shareholders voted in Politan board candidates Darlene Solomon and Bill Jellison.
 
30-year medical device industry veteran Timothy Scannell was Stryker Corporation’s president and chief operating officer from 2018-2021. Before that, Scannell served as Stryker’s group president of MedSurg & Neurotechnology businesses for ten years. He is presently a director and non-executive chairman of diabetes tech company Insulet Corporation and board director of Novocure, an oncology firm.
 
“It’s an honor to be joining Masimo’s Board. I believe strongly in the company’s mission and have long admired its accomplishments and focus on innovation,” Scannell said. “I look forward to drawing on my experience to help Masimo deliver even better outcomes for patients, employees and shareholders.”
 
Wendy Lane has been on the boards of 16 companies over the last 32 years. On those boards, Lane sat on and/or chaired seven audit committees. She has been chair of private equity investment company Lane Holdings since 1992. She is currently a director of data, analytics, and risk assessment firm Verisk Analytics, blood collection tech and device venture YourBio Health, and insurance broker CAC Holdings.
 
“I am excited to work alongside Masimo’s other talented directors as we chart the course forward for the company,” said Lane. “I have deep respect for the Masimo team’s work, which has improved the lives of countless individuals, and I am eager to be a part of the company’s next chapter.”
 
Masimo lead independent director Quentin Koffey applauded the two new board members, calling both high-caliber professionals who will lend crucial perspectives to the board and have expertise that closely matches the company’s key areas of focus.
 
“Tim’s background leading highly successful commercial organizations in the medical technology sector—including during his time as president and chief operating officer of Stryker Corporation—will make him an ideal fit immediately,” Koffey, who is also Politan Capital’s managing partner and chief investment officer, told the press. “Wendy’s vast experience overseeing corporate governance changes and serving in board leadership roles will be highly additive as we refocus the organization. We look forward to working alongside Tim and Wendy as we capitalize on the exciting opportunities ahead for Masimo and position the Company for continued growth.”