Bausch + Lomb CEO Joseph C. Papa to Step Down

Bausch + Lomb announced Joseph C. Papa has stepped down as chair of the Board of Directors and plans to step down as CEO. The board appointed Thomas W. Ross, Sr., to serve as the chair, and has begun a search for a new CEO. Mr. Papa will remain as CEO and as a member of the board until his successor is appointed.

"Joe has done an incredible job as the former leader of Bausch Health and current leader of Bausch + Lomb. He was faced with numerous challenges when he joined Bausch Health in 2016, and under his leadership key matters, including reduction of debt burdens, settlement of legacy legal matters, investment in R&D and new launches, have allowed the company to complete its IPO earlier this year," Mr. Ross said in a company news release.

"It has been a privilege to serve as the CEO of first Bausch Health, and now Bausch + Lomb, and to work with amazingly talented and dedicated employees who never wavered from our mission of helping people around the world see better to live better. After 6 years as CEO, and after accomplishing the IPO of Bausch + Lomb, I believe now is an appropriate time to transition leadership of the company. I am proud of what we have accomplished during my tenure, and I will leave knowing Bausch + Lomb is well-positioned for continued success as it transitions toward being a separate company," said Mr. Papa.

In a news release, Bausch + Lomb stated it remains committed to the strategy of completing its spinoff from Bausch Health—anticipated to occur in 2023—and Mr. Papa's departure is not the result of any disagreement with the company.