Good morning. Joe Kiani was crushed last September when shareholder activist Quentin Koffey of Politan Capital succeeded in his two-year battle to push Kiani off the board of Masimo, a med-tech company that he founded and built over 36 years. When Kiani quit as CEO, I presumed the billionaire entrepreneur would focus on pursuits away from the public eye.
Not so. Kiani will this morning be named CEO of Like Minded Labs, a small company that develops innovative video technologies for the entertainment industry, among other things. Kiani co-founded it after buying another company based in Quebec company that created the core technology that he says will now be the foundation for some major product launches. He will continue to work on some side ventures, but this marks his first return to being CEO—albeit at a company with three dozen people or roughly 1% the staff of Masimo.
Why step back into the spotlight after such a bruising public battle? “I spent a few months thinking about that,” he told me yesterday. “I just want to build products. I have these ideas in my head of how I see the world. I don’t need the money or the credit. I’m just wired to do this … and it entails advanced signal processing, which I know.” (Masimo’s core product is a pulse oximeter that Kiani invented.)
Kiani does have some advantages this time around. One is Bob Chapek, the former Disney CEO who supported him as a board member of Masimo and is joining the new board. He also has resources, a track record, and majority ownership, noting “I’m not going to make the same mistake twice.”
Any lessons to share from the Masimo battle? “Give it your best. I’ve never seen an activist come in and do a good thing for the company,” he said. Masimo shareholders may disagree as the stock price is up about 45% since Kiani resigned on Sept. 19—though it dropped amid the proxy battle and is down since the start of the year. “I don’t regret that I tried my best.”Contact CEO Daily via Diane Brady at [email protected]
This story was originally featured on Fortune.com
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