Masimo's billionaire CEO put shares on margin to get cash while keeping ownership ahead of proxy fight
Publishing timestamp: 2024-05-01 18:11:23
Summary
Masimo founder Joe Kiani has borrowed against more than half of his stake in the company rather than sell his shares ahead of an expected proxy fight. Activist investor Politan Capital is expected to wage a second proxy fight to secure control of the board. Kiani's move to borrow against his stake is unusual for executives, but he says he needs the money for family reasons. The company has been scrutinized over claims of poor governance, but its shares are up 15% year to date.
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