Appoints Michelle Brennan as Interim CEO Following Joe Kiani's Decision to Resign
Continues to Be Committed to Review of Strategic Alternatives for Consumer Businesses, With Assistance From Leading Financial and Legal Advisors
Reaffirms Financial Guidance for Third Quarter 2024
Today the Board of Directors (the "Board") of Masimo (NASDAQ:MASI) a leading global medical innovator, provided a series of leadership and business updates:
Leadership Appointments
Michelle Brennan, a current member of Masimo's Board, has been appointed interim Chief Executive Officer ("CEO") following Chairman and CEO Joe Kiani informing the Board of his decision to resign as CEO. After being elected by shareholders at the recent Annual Meeting, Darlene Solomon and Bill Jellison have been officially appointed to the Board. These changes are all effective immediately.
The Board has retained nationally recognized search firm Korn Ferry to assist in CEO succession planning.
Ms. Brennan was elected to the Board in 2023, and previously served as a senior executive at Johnson & Johnson ("J&J") for more than 30 years, where she oversaw medical device businesses globally as well as consumer pharmaceutical businesses. At J&J, Michelle successfully scaled multiple businesses to achieve market-leading growth and led efforts to invest in innovation that resulted in successful new product launches.
Ms. Brennan commented:
"I am grateful for the trust of the Board and excited by the opportunity to help Masimo continue to grow and lead as an innovation-focused company. As we go through this transition, the Board and management team are excited to learn from and work with our employees, while focusing on ensuring seamless service and support for our customers."
Consumer Business Review
The Board remains committed to the previously announced review of alternatives for both the consumer audio and consumer healthcare businesses. The Board has engaged Centerview Partners and Morgan Stanley as financial advisors and Sullivan & Cromwell as a legal advisor. The Board looks forward to providing updates in the near-term regarding value-creation initiatives, including this strategic review.
Reaffirming Guidance
For the third quarter of 2024, Masimo is reiterating its non-GAAP financial guidance previously provided on August 6, 2024. Masimo's previous guidance can be found here.
Chief Financial Officer Micah Young and Chief Operating Officer Bilal Muhsin, added:
"We are excited about the strong momentum of the business and its future prospects for growth. We look forward to providing more details on the upcoming third quarter earnings call next month."
