Embattled Masimo Corp. founder Joe Kiani, who was ousted as chairman, resigned as chief executive last week—making good on his promise to exit the company if he lost the proxy battle against activist investor Politan Capital Management.

Masimo said on Wednesday founder Joe Kiani has decided to step down as the medical device maker's CEO, days after shareholders voted to remove him from the company's board following a bitter proxy battle with activist hedge fund Politan Capital Management.

In what could become a new twist in the ongoing patent dispute over the Apple Watch’s Blood Oxygen sensor, the CEO of Masimo, the plaintiff company that has thus far been successful in its case against Apple,

Former Masimo CEO Joe Kiani may have won the war against Apple, but he has resigned after losing a fight with a hedge fund.

"We are united in our enthusiasm for Masimo’s future as a leading, innovation-focused growth company," the newest board members said.

Masimo’s long-running proxy fight has come to a close, at least for now. | Masimo’s long-running proxy fight has come to a close, at least for now. Politan’s gains double the two board seats it claimed last year.

Masimo Corporation (NASDAQ:MASI) shares are trading higher on Wednesday. Michelle Brennan, a current member of Masimo’s Board, has taken on the role of interim Chief Executive Officer, after Joe Kiani announced his resignation as CEO.

Apple and Masimo have been battling it out in court after the company specializing in health technologies managed to

Masimo stock jumped Wednesday after Chief Executive Joe Kiani resigned. But, importantly, the company's other executives stayed on board.