Medical tech company Masimo(NASDAQ: MASI) had some significant C-suite news to report on Wednesday, and investors clearly welcomed this. They collectively pushed the company's stock up by 6% across the day, which made the shares stand out as the S&P 500 index sagged marginally during that trading session.
Interim CEO named
Masimo announced that its CEO Joe Kiani informed the board of directors that he has stepped down from his post. He was replaced by board member Michelle Brennan on an interim basis. The change is effective immediately.
Brennan feels like a smart choice to captain Masimo temporarily. She has served on the company's board since 2023, and prior to that occupied a variety of positions in healthcare giant Johnson & Johnson's medical devices business. All told, she has served as a senior executive for more than 30 years, according to Masimo.
The company added that while at Johnson & Johnson she "successfully scaled multiple businesses to achieve market-leading growth and led efforts to invest in innovation that resulted in successful new product launches." This experience in the devices segment should be more than applicable to her current position.
Masimo also said that two board members elected at the latest company annual meeting, Darlene Solomon and Bill Jellison, have officially taken their seats on that body.
Help wanted
In light of the "interim" tag on Brennan's job title, Masimo's board has launched an effort to find a permanent CEO. The company said it has retained veteran executive search firm Korn Ferry to assist it in this search.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Masimo. The Motley Fool recommends Johnson & Johnson. The Motley Fool has a disclosure policy.
