Reuters:

Masimo said on Wednesday founder Joe Kiani has decided to step down as the medical device maker’s CEO, days after shareholders voted to remove him from the company’s board following a bitter proxy battle with activist hedge fund Politan Capital Management.

The company named veteran healthcare executive, Michelle Brennan, as interim chief. Brennan was nominated by Politan for Masimo’s board last year, along with the hedge fund’s founder Quentin Koffey. Both were subsequently elected by shareholders.

Shares of the company were up 5.4% at $133 in early trade. The stock has fallen more than 40% since Feb. 15, 2022, when Masimo announced the $1-billion acquisition of audio products maker Sound United. The deal was a key factor behind Politan’s activism.

No mention of Apple in Reuters’s report, but I wouldn’t be surprised if there’s soon a settlement in the patent dispute over the blood oxygen sensors in recent Apple Watch models that’s left the feature disabled for new watches sold in the U.S. this year. My understanding is that Kiani was single-mindedly obsessed with fighting Apple over this.