Why Masimo Stock Crushed the Market Today

Medical technology company Massimo (MASS 6.01%) had some significant news to report on Wednesday, and investors clearly welcomed it. They collectively boosted the company’s stock by 6% on the day, making the stock stand out as S&P 500 the index fell marginally during that trading session.

Interim CEO appointed

Masimo announced that its CEO, Joe Kiani, has informed the board that he has resigned. He was replaced by board member Michelle Brennan on an interim basis. The change is effective immediately.

Brennan feels like a smart choice to temporarily captain Masimo. She has served on the company’s board since 2023 and before that held a variety of positions at the medical giant. Johnson & Johnsonthe medical device business. In all, she served as executive director for more than 30 years, according to Masimo.

The company added that while at Johnson & Johnson, she “successfully scaled multiple businesses to achieve market-leading growth and led efforts to invest in innovation that led to successful new product launches.” That experience in the device segment should be more than applicable to her current position.

Masimo also said two board members elected at the company’s most recent annual meeting, Darlene Solomon and Bill Jellison, have officially taken their seats on that body.

Help wanted

Given the “interim” tag on Brennan’s job title, Masimo’s board launched an effort to find a permanent CEO. The company said it has retained a veteran executive search firm Korn Ferry to help him in this quest.