Masimo has allowed founder Joe Kiani to pledge more than half his $660 million stake in the company as collateral for personal loans.
Masimo founder Joe Kiani has borrowed against more than half of his $660 million stake in the company rather than sell his shares, ahead of an expected proxy fight.
Borrowing against that much of a stake is unusual for executives, but may be helpful as the company prepares for a fight with anaiming to take control of the board. The move allows Kiani, the company's CEO and chairman, to maintain his stake and voting power while also getting money he says he needs for family reasons.falls below a certain threshold. Kiani has just under 4 million Masimo shares, or around 7.5% of the company, according to FactSet data.
"The pledge of shares was pre-approved by the Board and reflects Mr. Kiani's conviction in the value of Masimo stock despite the short-term decline in the stock price during the second half of 2023," a Masimo spokesman said in an emailed statement. "Rather than sell his pledged shares, Mr. Kiani increased his pledge to maintain his stock ownership."
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