(Reuters) -Masimo said on Wednesday that Joe Kiani has decided to resign as CEO, days after shareholders voted to remove him from the company’s board.
The medical device maker has named Michelle Brennan as interim CEO, effective immediately.
The shareholders last week elected both director candidates proposed by activist investor Politan Capital Management and took the unusual step of removing Kiani, its longtime CEO and founder, from the board.
Kiani had said in the past that he would quit as CEO and sell his shares valued at roughly $500 million if investors replaced him on the board with a Politan nominee.
Masimo also said it has formally appointed the two director candidates, Darlene Solomon and Bill Jellison, proposed by Politan to its board.
(Reporting by Sneha S K; Editing by Leroy Leo)
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