The head of performance brands who for 10 years worked on expanding the former Sound United audio brands business has quit, the move was not publicly announced by the share listed Masimo Corporation, instead Joel Sietsema chose his LinkedIn profile to announce the news.
The sudden exit comes days after the Masimo Board announced the formation of a new entity for the Masimo consumer operation, which has been the source of constant conflict for Masimo board members, who are now fighting among themselves over the future of the board and the multibillion dollar health Company who acquired the Sound United business along with the Denon, Marantz, Bowers and Wilkins and Polk brands in 2022 for $1.4 billion.
ChannelNews understands that Sietsema who wass highly regard had planned his exit for April 2024 prior to the seperation of the consumer business.
Joel Sietsema
The exit of Sietsema came without warning or explanation, with industry executives now questioning “What’s next” for the US audio Company.
Industry executives first heard of the move when Sietsema wrote on his LinkedIn profile “Ten years is a substantial amount of time, yet it feels like it went by in the blink of an eye. My journey with Sound United and Masimo Consumer has been nothing short of incredible. Yesterday was my final day with “SU”, and I am filled with bittersweet emotions. However, I am grateful for all the experiences, opportunities, and brilliant people that have come my way during this time”.
In a conversation after his exit he said Even so, “…the products and the direction of the brand, where they’re(Masimo Consumer) trying to take it in the coming quarters and years ahead is very exciting,” he said with a touch of enthusiasm in his voice. “So, I’m optimistic about the outlook for the organization. I really mean it.”
Sietsema held a key role at the company as President and General Manager of Denon, Polk, Definitive Technology & Boston Acoustics as well as Bowers & Wilkins.
He went on to claim “I owe a great debt of gratitude to many individuals, especially Kevin Duffy and Jim Minarik, for placing their trust and confidence in me at a critical point in my career. I would also like to thank Gary Fletcher, Bart Muller, Michael Maas, Dennis Liberson, Blair Tripodi, and Joe Kiani for their mentorship and partnership — among many others”.
Masimo CEO Joe Kiani
Joe Kiani the CEO and founder of Masimo is an audiophile who acquired the Sound United business with the intent of building out a consumer business that would be a mmix of audio and health products such as their health tracking watch and a brand-new boot that helps people injured to measure their recovery activities.
Currently Masimo management is in turmoil resulting from the actions of an activist investor (Politan) taking seats on the board and agitating for the disposal of the Sound United business.
Last week he got his way with the spinning out of the Masimo Consumer business into a new entity.
Days after the announcement Politan announcing it was seeking two more seats on the Board which would give them control of the company.
In a pertinent remark which appeared to be aimed at Politan executives, who are trying to tear Masimo apart, Sietsema praised Joe Kiani who is fighting for control of the business.
He also claimed that he is “Excited about what the future holds.”
When contacted to explain the comments he said “For reasons that I really can’t go into, it definitely was a mutual decision. There are reasons that I think both of us have that makes this move make sense at this time. And it has nothing to do with the most recent announcement about the spin-off. My status was decided far, far beforehand – and this spin-off conversation is obviously a bit more recent”.
“I’m super happy with the way that I’ve been treated by the company,” Sietsema said. “And I feel like I’ve treated the company extraordinarily well, in the same way. We’re leaving on great terms. I wish the company well.”
On a bright note, for executives left behind he claimed that he sees a bright future for the company – although details are confidential.
