Bausch + Lomb names Brent Saunders as new CEO
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Bausch + Lomb Corporation (NYSE:BLCO) announced Wednesday that Brent Saunders would be its new chief executive officer and chairman of the board effective March 06, 2023, marking his return to the leadership at the Canadian eye-care firm. The Wall Street Journal first reported the upcoming announcement.
Mr. Saunders, known for his dealmaking capabilities, will replace Joseph Papa, who resigned as board chairman in June before announcing his departure as CEO until a successor is appointed, but not later than Jun. 30.
Per the terms, Mr. Saunders is expected to begin serving Bausch + Lomb (BLCO) on Thursday in an advisory capacity to facilitate leadership transition before assuming the CEO role on Mar. 06.
He previously served as the CEO of Bausch + Lomb (BLCO) from 2010 to 2013 before its sale to Valeant Pharmaceuticals International, currently known as Bausch Health (BHC).
The leadership change comes at a time when the company is being spun out of Bausch Health (BHC) following its public debut in May on the New York Stock Exchange.
Mr. Saunders joins Bausch + Lomb (BLCO) from skin product maker Beauty Health (SKIN), where he has served as chairman since May 2001. He had also led Allergan before AbbVie (ABBV) acquired the Botox maker for $63B in 2020.
In January, Seeking Alpha contributor Daniel Jones said that Bausch + Lomb (BLCO) has a compelling valuation “both on an absolute basis and relative to similar firms.”