Staar Surgical has endured a whirlwind start to the New Year with a rejected takeover deal and the loss of its CEO less than a year into the job. Now, the company is forging ahead with new execs at the top as it looks for a future leader to help right the ship.
Last summer, Alcon had sought to buyout the struggling lens maker for $1.5 billion. But, after months of bitter wrangling and tweaked offers, Staar investors eventually rejected the deal, deciding in early January to keep the company independent.
Stephen Farrell, then CEO of Staar, had wanted the deal to go ahead, but the board was not on board, ultimately getting its wish to stay as a single entity.
Less than two weeks later, Farrell was out the door. Now, Staar’s board has parachuted in Warren Foust, president and chief operating officer, and Chief Financial Officer Deborah Andrews, as interim co-CEOs, according to a Feb. 2 release.
The company also recently set up a “Search Committee,” led by Lilian Y. Zhou and several other board members, which is now actively undertaking “a global search for STAAR’s new CEO, including both internal and external candidates,” according to its release.
“Warren and Deborah are respected and qualified leaders with deep knowledge of STAAR and our industry,” Neal C. Bradsher, Chairman of the Board, said in statement.
“The Board is committed to working diligently to identify and appoint a new CEO,” he added.
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Staar’s main products, the Evo and Visian implantable collamer lenses, offer an alternative to glasses and contacts, as well as LASIK surgery.
Staar has faced a tough few years which has included declining demand in China and major changes at the top of its organization. Farrell was only named chief executive a year ago, replacing Tom Frinzi, alongside the company’s move to lay off about 115 employees.
The next month saw Staar reorganize its C-suite with the departures of its chief financial and technology officers.
