Masimo Corporation’s (Nasdaq: MASI) Board of Directors announced late Tuesday afternoon that it has appointed Catherine “Katie” Syzman as the company’s new Chief Executive Officer (CEO) and as a director on the newly expanded board. Current Interim CEO Michelle Brennan will transition to a new role as Chairman of the Masimo Board. Finally, Lead Independent Director Quentin Koffey has been appointed Vice Chairman of the Board.
This announcement sets key pieces of the reconstituted management team in place, holding promise of a new era at the medical products company. All of the above changes take effect on February 12, 2025.
See More on the New CEO at Masimo
Masimo’s announcement says that after an extensive search conducted by the Board of Directors in conjunction with renowned executive recruiting agency Korn Ferry, the company has found a highly credentialed candidate whose extensive career in the medical field yields her perfectly qualified to marshall Masimo into a new more expansive future.
Szyman is currently the worldwide president of Advanced Patient Monitoring at BD (Becton, Dickinson, and Company). Prior to that, she is said to have led the Critical Care product group at Edwards Lifesciences. Edwards was acquired by BD in September 2024.
Both Inside and Outside Candidates Were Considered; Szyman Stood Out
Masimo says that during the search, it considered numerous candidates both inside and outside of the company. Szyman, it says, stood out thanks to “her successful track record of accelerating revenue growth by bringing new patient monitoring products to market, extensive experience leading and retaining top industry talent, and deep existing relationships within the sector.”
In order to place Szyman on the Board, the company had to expand the size of the Board to nine directors. This was a key goal of Quentin Koffey who felt that founder and previous CEO Joe Kiani had deliberately kept a small, clubby board of other CEOs who were too close to him personally. Consequently, that former board was viewed by Koffey and activist investor Politan Capital Management as not engaging in any genuine oversight of management, but rather just rubber-stamping all of the former CEO’s whims.
Summoning Internal and External Innovation to Drive Significant Growth
The company noted that while at Edwards, Szyman drove significant growth through multiple successful initiatives, including entering adjacent markets through internal and external innovation…and “introducing the first AI technology cleared by the Food and Drug Administration in the patient monitoring space.” Szyman is said to possess significant operational and financial experience “that will aid Masimo as it continues to address its cost structure and improve gross margin performance.”
Katie’s more than 35 years of relevant experience and her unique mix of expertise set her apart during our search and make her an ideal fit to lead the next innovation-focused stage of Masimo’s evolution. We also want to thank Michelle for her exemplary performance in the interim CEO role, particularly in leading a seamless transition for customers, employees and shareholders from day one. We look forward to continuing to benefit from her experience and judgment as she moves into her new position as Chairman of the Board.
Quentin Koffey, Lead Independent Director and Vice Chairman of the Board
Looks Like Another Quality Hire by the Masimo Board
This looks to be yet another quality hire by the company which appears to be building a strong bench of high-performing executives with extensive medical field experience. While I don’t personally have deep experience in the medical field, I am told by those who do that BD is a solid, well-known, and respected solutions provider.
This fact tends to suggest that Syzman’s experience at BD is both credible and relevant to Masimo’s mission.
We wanted our next CEO to be someone who is passionate about the role and inspiring as well as engaging the team at Masimo – and Katie made clear that she is that person. Her advanced patient monitoring category knowledge and deep existing relationships within the industry position her to make an immediate impact as she works with the Board on prioritizing our pipeline to focus on large opportunities, while developing a clear strategy for bringing our next generation patient monitoring platform to market.
Michelle Brennan, Masimo Chairman of the Board
Company Remains Committed to Reviewing Alternatives for Sound United Biz
Masimo’s Board says it is fully committed to reviewing alternatives for the consumer audio division (Sound United), as well as for the consumer healthcare business. To this end, it has retained professional advisors such as Centerview Partners and Morgan Stanley. The Board says it looks forward to providing updates on its value-creating ideas in the near term – including relative to the consumer audio and consumer healthcare units.
And it sounds like Masimo’s new CEO shares that enthusiasm.
I have long admired Masimo as an innovation leader, and I could not be more excited about the opportunity to grow the business and deliver improved outcomes for millions more patients around the world. I believe Masimo’s leadership team and bench of talent is top tier, and I am thrilled by the chance to work with and learn from this group.
Katie Szyman, Masimo’s New CEO
Learn more about Masimo by visiting masimo.com.
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