Politan Nominees Michelle Brennan and Quentin Koffey Send Letter to Masimo Shareholders
$MASI
Dear Fellow Shareholders,
We have greatly enjoyed the opportunity in recent weeks to meet with many of you, to understand your perspectives and to share ours. While Politan’s materials have laid out the need for change at the Company, we hope what you have heard most clearly from us is that we believe Masimo’s best days are ahead of it, and we look forward to constructively helping the Company realize its potential.
We believe we can only be effective in driving positive change if shareholders elect both of us to Masimo’s Board. We are enthusiastic about what we can help achieve together for the following reasons:
First, we bring complementary and needed skills to the boardroom. Michelle has operational experience earned at one of the most respected healthcare and consumer products companies in the world. Quentin brings experience from dozens of collaborative engagements helping companies improve their capital allocation and corporate governance in industries including healthcare and consumer.
Second, we believe that to effectively introduce and sustain proper governance at Masimo requires a large independent shareholder on the Board. As Managing Partner of Politan, a 9% owner of Masimo, Quentin has the commitment and alignment to champion positive change that advances all shareholders’ interests. Improving Masimo will take a lot of work. Quentin has the incentive to help carry this out successfully.
Third, from a practical perspective, there is very little impact one director alone can have. Having motions seconded in the boardroom, placing items on the Board’s agenda for discussion and calling for a vote all mechanically require two directors. It is too easy for a Board that has been historically resistant to genuine change to sideline a single director. As two directors, however, we can generate discussion and analysis without unilaterally setting the Company on a course of action without the support of other directors.
Finally, both of us are committed to working constructively and collegially with Mr. Kiani, his fellow Board members and the deep bench of management talent at Masimo. While some public materials have been heated, neither of us take Masimo’s communications personally: they are less about any individual than they are about coming to terms with the sustained commitment to proper governance that a large shareholder on the Board would champion. In two short weeks, the election will be over; the press releases and defense-advisor rhetoric will be behind us. The focus will be on the future of Masimo.
As we said, Masimo’s best days are in front of it. We look forward to helping lay a foundation for long-term, sustainable value creation together.
Sincerely,
Michelle Brennan
Quentin Koffey
Source:
https://www.sec.gov/Archives/edgar/data/937556/000110465923070171/tm2318440d1_dfan14a.htm