11:11 AM EDT, 03/25/2024 (MT Newswires) -- (Updates with statement from Masimo's ( MASI ) spokesperson in the sixth paragraph)

Masimo ( MASI ) activist investor Politan Capital Management said Monday it is nominating two candidates to the health technology company's board.

Shares of Masimo ( MASI ) rose more than 13% in recent premarket activity on Monday.

Politan, which owns an 8.9% stake in Masimo ( MASI ), is nominating Darlene Solomon, former chief technology officer of Agilent Technologies, and William Jellison, former chief financial officer of Stryker Corporation, at Masimo's ( MASI ) 2024 annual stockholders meeting.

The nominations come as Politan pushes for a strategic review of Masimo ( MASI ), including a proposed separation of its consumer business. Politan said it has "serious concerns" over the lack of governance and oversight in the board.

"This is why it is clearer than ever that a majority of truly independent directors are needed at Masimo ( MASI )," said Quentin Koffey, managing partner and chief investment officer of Politan, as well as a current director on Masimo's ( MASI ) board.

"The proposed separation is also consistent with the company's prior commitment to reassess the consumer business strategy and structure within three years of the Sound United acquisition, as well as the wishes of shareholders," a Masimo ( MASI ) spokesperson told MT Newswires in an emailed statement.

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