On Friday, Masimo Corporation (Nasdaq: MASI) notified the Securities and Exchange Commission (SEC) that current director Robert Chapek has tendered his resignation from the Masimo Board of Directors. According to the SEC filing, his resignation is effective as of the date of the 2025 annual meeting, an event that has yet to be scheduled.
Learn more about the resignation of Masimo Director Bob Chapek
Chapek was appointed to the Masimo Board in January 2024, a candidate that – according to filings by Politan Capital Management – was hand-picked by former CEO Joe Kiani. In the company’s filing with the SEC today, it said that Chapek’s resignation “was not due to any disagreement with Masimo on any matter relating to Masimo’s operations, policies, or practices.”
In addition to his general duties as a member of the board, Chapek was also a member of the Audit Committee, from which he has also resigned. Chapek will continue in his duties on the board and the committee until such time as the board sets the date for Masimo’s 2025 Annual Stockholders Meeting, which is typically in the summer.
A 26 Year Tenure at Disney, About 18-Months at Masimo
Prior to joining the Masimo Board, Chapek was a past Chief Executive Officer of the Walt Disney Company, a role he held for about two years before he was forced out and replaced by Bob Iger – the past CEO Chapek had originally succeeded. He had been employed by Disney for 26 years. His service at Masimo, which looks to be about 18 months, is considerably shorter.
Although a relatively new member of the board and therefore not technically a legacy director, Chapek was clearly aligned with founder and former CEO Joe Kiani. Shortly after joining the Masimo Board, Chapek was personally engaged in negotiations with activist investor Quentin Koffey of Politan to try and avoid a proxy war at the 2024 annual meeting. His efforts, as were those of then-lead independent director Craig Reynolds, failed to dissuade Koffey from offering more candidates for the board.
Resignation is Said to be Voluntary
Chapek’s resignation was said to be given “voluntarily and irrevocably.” Attached to the filing was a copy of Chapek’s official resignation letter, which you can see below…
Learn more by visiting masimo.com.
Chapek is the MBA textbook example of a person that has failed up. He is a thoroughly unimpressive person, almost killed Disney, and added no value to Masimo. It is good to see him go.