Masimo Provides Leadership and Business Updates
Masimo (Nasdaq: MASI) has announced significant leadership changes and business updates. Michelle Brennan, a current board member, has been appointed as interim CEO following Joe Kiani's resignation. The company has also officially appointed Darlene Solomon and Bill Jellison to the Board. Masimo has engaged Korn Ferry to assist in CEO succession planning.
The Board remains committed to reviewing strategic alternatives for both consumer audio and healthcare businesses, with Centerview Partners and Morgan Stanley as financial advisors and Sullivan & Cromwell as legal advisor. Masimo has reaffirmed its non-GAAP financial guidance for the third quarter of 2024, previously provided on August 6, 2024.
Michelle Brennan, with over 30 years of experience at Johnson & Johnson, expressed excitement about the opportunity to help Masimo continue its growth and innovation focus. The company's management team emphasized strong business momentum and future growth prospects.
Masimo (Nasdaq: MASI) ha annunciato importanti cambiamenti nella leadership e aggiornamenti aziendali. Michelle Brennan, attuale membro del consiglio, è stata nominata CEO ad interim dopo le dimissioni di Joe Kiani. L'azienda ha anche ufficialmente nominato Darlene Solomon e Bill Jellison nel Consiglio. Masimo ha incaricato Korn Ferry di assistere nella pianificazione della successione del CEO.
Il Consiglio rimane impegnato a rivedere le alternative strategiche per le attività di audio consumer e sanitarie, con Centerview Partners e Morgan Stanley come consulenti finanziari e Sullivan & Cromwell come consulente legale. Masimo ha riportato le sue linee guida finanziarie non-GAAP per il terzo trimestre del 2024, precedentemente fornite il 6 agosto 2024.
Michelle Brennan, con oltre 30 anni di esperienza in Johnson & Johnson, ha espresso entusiasmo per l'opportunità di aiutare Masimo a continuare la sua crescita e innovazione. Il team di gestione dell'azienda ha sottolineato un forte slancio aziendale e prospettive di crescita future.
Masimo (Nasdaq: MASI) ha anunciado cambios significativos en el liderazgo y actualizaciones comerciales. Michelle Brennan, actual miembro de la junta, ha sido nombrada CEO interina tras la renuncia de Joe Kiani. La compañía también ha nombrado oficialmente a Darlene Solomon y Bill Jellison a la Junta. Masimo ha contratado a Korn Ferry para ayudar en la planificación de la sucesión del CEO.
La Junta sigue comprometida a revisar alternativas estratégicas para los negocios de audio de consumo y de atención médica, con Centerview Partners y Morgan Stanley como asesores financieros y Sullivan & Cromwell como asesor legal. Masimo ha reafirmado su guía financiera no-GAAP para el tercer trimestre de 2024, proporcionada anteriormente el 6 de agosto de 2024.
Michelle Brennan, con más de 30 años de experiencia en Johnson & Johnson, expresó su entusiasmo por la oportunidad de ayudar a Masimo a continuar su enfoque en crecimiento e innovación. El equipo de gestión de la compañía enfatizó un fuerte impulso comercial y perspectivas de crecimiento futuro.
Masimo (Nasdaq: MASI)는 주요 리더십 변화와 사업 업데이트를 발표했습니다. 미셸 브레넌은 조 키아니의 사임 후 임시 CEO로 임명되었습니다. 회사는 또한 다를린 솔로몬과 빌 젤리슨을 이사회에 공식적으로 임명했습니다. Masimo는 CEO 승계 계획 지원을 위해 Korn Ferry와 협력하고 있습니다.
이사회는 소비자 오디오 및 헬스케어 사업 모두에 대한 전략적 대안을 검토하기로 확고히 하였으며, Centerview Partners와 Morgan Stanley는 재무 자문, Sullivan & Cromwell은 법률 자문 역할을 하고 있습니다. Masimo는 2024년 3분기 비GAAP 재무 가이던스를 재확인했습니다, 이는 2024년 8월 6일에 이전에 제공된 내용입니다.
미셸 브레넌은 존슨앤드존슨에서 30년 이상의 경력을 보유하고 있으며, Masimo의 성장과 혁신에 기여할 수 있는 기회에 대해 열정을 표현했습니다. 회사의 경영진은 강력한 비즈니스 모멘텀과 미래 성장 전망을 강조했습니다.
Masimo (Nasdaq: MASI) a annoncé des changements significatifs dans la direction et des mises à jour commerciales. Michelle Brennan, un membre actuelle du conseil, a été nommée PDG par intérim suite à la démission de Joe Kiani. L'entreprise a également officiellement nommé Darlene Solomon et Bill Jellison au conseil. Masimo a engagé Korn Ferry pour aider à la planification de la succession du PDG.
Le conseil reste engagé à examiner des alternatives stratégiques pour les activités audio grand public et de santé, avec Centerview Partners et Morgan Stanley comme conseillers financiers et Sullivan & Cromwell comme conseiller juridique. Masimo a réaffirmé ses prévisions financières non-GAAP pour le troisième trimestre de 2024, fournies précédemment le 6 août 2024.
Michelle Brennan, forte de plus de 30 ans d'expérience chez Johnson & Johnson, a exprimé son enthousiasme pour l'opportunité d'aider Masimo à poursuivre sa croissance et son innovation. L'équipe de direction de l'entreprise a souligné une forte dynamique commerciale et des perspectives de croissance future.
Masimo (Nasdaq: MASI) hat bedeutende Veränderungen in der Führung und Unternehmensaktualisierungen bekannt gegeben. Michelle Brennan, ein derzeitiges Vorstandsmitglied, wurde nach dem Rücktritt von Joe Kiani zur interimistischen CEO ernannt. Das Unternehmen hat auch offiziell Darlene Solomon und Bill Jellison in den Vorstand berufen. Masimo hat Korn Ferry beauftragt, bei der CEO-Nachfolgeplanung zu helfen.
Der Vorstand bleibt verpflichtet, strategische Alternativen für sowohl das Konsum-Audio- als auch das Gesundheitsgeschäft zu prüfen, wobei Centerview Partners und Morgan Stanley als Finanzberater und Sullivan & Cromwell als Rechtsberater fungieren. Masimo hat seine non-GAAP-Finanzprognose für das dritte Quartal 2024 bekräftigt, die zuvor am 6. August 2024 veröffentlicht wurde.
Michelle Brennan, die über 30 Jahre Erfahrung bei Johnson & Johnson verfügt, äußerte ihre Begeisterung über die Möglichkeit, Masimo bei seiner Wachstums- und Innovationsstrategie unterstützen zu können. Das Managementteam des Unternehmens betonte die starke Geschäftsdynamik und die Wachstumsaussichten für die Zukunft.
- Appointment of experienced executive Michelle Brennan as interim CEO
- Engagement of reputable firms for strategic review of consumer businesses
- Reaffirmation of Q3 2024 financial guidance, indicating business stability
- Resignation of long-time CEO Joe Kiani, potentially causing leadership uncertainty
- Ongoing strategic review of consumer businesses, suggesting potential restructuring or divestment
Insights
This leadership change at Masimo is significant, with Joe Kiani stepping down as CEO and Michelle Brennan taking over as interim CEO. Brennan's extensive experience at Johnson & Johnson, particularly in scaling businesses and driving innovation, could be valuable for Masimo's growth strategy.
The company's commitment to reviewing strategic alternatives for its consumer businesses is noteworthy. Engaging top-tier financial advisors like Centerview Partners and Morgan Stanley suggests a serious exploration of options, which could lead to potential divestitures or spin-offs to unlock shareholder value.
Importantly, Masimo has reaffirmed its financial guidance for Q3 2024, indicating confidence in near-term performance despite the leadership transition. This stability in outlook is reassuring for investors. However, the lack of specific financial figures in this update limits our ability to assess the company's current trajectory fully.
The sudden resignation of Joe Kiani as CEO warrants attention, as leadership transitions can significantly impact company direction and culture. The appointment of Michelle Brennan as interim CEO and the engagement of Korn Ferry for succession planning demonstrate the board's proactive approach to managing this change.
The recent election of new board members, Darlene Solomon and Bill Jellison, adds fresh perspectives to the leadership team. This board refresh, combined with the strategic review of consumer businesses, suggests a potential shift in corporate strategy.
The retention of Sullivan & Cromwell as legal advisors for the strategic review process indicates a thorough approach to exploring options while ensuring compliance and shareholder interests are protected. Overall, these governance changes and strategic initiatives reflect a board actively engaged in steering the company's future direction.
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
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.”
About Masimo
Masimo (NASDAQ: MASI) is a global medical technology company that develops and produces a wide array of industry-leading monitoring technologies, including innovative measurements, sensors, patient monitors, and automation and connectivity solutions. In addition, Masimo Consumer Audio is home to eight legendary audio brands, including Bowers & Wilkins, Denon, Marantz, and Polk Audio. Our mission is to improve life, improve patient outcomes, and reduce the cost of care.
Forward-Looking Statements - Masimo
This press release includes forward-looking statements as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, in connection with the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements regarding the review of alternatives for both the consumer audio and healthcare businesses and our earnings guidance. These forward-looking statements are based on current expectations about future events affecting us and are subject to risks and uncertainties, all of which are difficult to predict and many of which are beyond our control and could cause our actual results to differ materially and adversely from those expressed in our forward-looking statements as a result of various risk factors, including, but not limited to: risks related to our leadership appointments, our assumptions regarding the consumer audio and healthcare business review, the guidance for the third quarter of 2024 and the full year; as well as other factors discussed in the "Risk Factors" section of our most recent reports filed with the Securities and Exchange Commission ("SEC"), which may be obtained for free at the SEC's website at www.sec.gov. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today's date. We do not undertake any obligation to update, amend or clarify these statements or the "Risk Factors" contained in our most recent reports filed with the SEC, whether as a result of new information, future events or otherwise, except as may be required under the applicable securities laws.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240925416822/en/
Investor Contact
Eli Kammerman
Phone: (949) 297-7077
Email: ekammerman@masimo.com
Media Contact
Evan Lamb
Phone: (949) 396-3376
Email: elamb@masimo.com
Source: Masimo
FAQ
Who is the new interim CEO of Masimo (MASI)?
What strategic actions is Masimo (MASI) considering for its consumer businesses?
Has Masimo (MASI) changed its financial guidance for Q3 2024?
When did Joe Kiani resign as CEO of Masimo (MASI)?
