Staar Surgical Announces Leadership Changes
Staar Surgical announced that Stephen C. Farrell, current Lead Independent Director of the Staar Board of Directors, has been appointed President and CEO, effective February 26, 2025. He is replacing Tom Frinzi, current President and CEO, who will remain with the company in an advisory role through January 2026.
“We are pleased to have a veteran healthcare executive of Steve’s caliber leading Staar as we work to navigate current global macroeconomic challenges,” Wei Jiang, Chair of the Board’s Nominating and Governance Committee, said in a company news release. “Steve brings a keen understanding of the healthcare industry and an excellent history of successfully and profitably growing global businesses while maintaining strong financial discipline. His knowledge of Staar, gained from 9 years of service on the board, including the last two as Lead Independent Director, will help him transition rapidly in this new role. With his attention to detail, rigorous analytical skills, and broad operating expertise, we are confident that Steve is the right leader to drive the next phase of Staar's growth.”
“I am excited to join STAAR as CEO at this critical time,” said Mr. Farrell. “We have a best-in-class product, a strong network of surgeons, and a clear path to continued market share gains in a market that we expect to grow substantially over time. I have long believed in the advantages of the EVO ICL and its potential to transform refractive surgery. The building blocks for STAAR’s success are in place, and I will be looking at opportunities for improvement, optimization, and efficiency. Although the past few years have been challenging for our business and our investors, we are well positioned to deliver strong returns as the refractive surgery market stabilizes and resumes its historic growth."
Mr. Farrell has more than 20 years experience as both a CEO and CFO of global healthcare businesses. From 2011 to February 2024, he served as CEO of Convey Health Solutions, a technology-enabled healthcare business process outsourcer, which was acquired by TPG Capital in 2022. Previously, he served as President of PolyMedica Corporation, a publicly traded provider of diabetes supplies that grew rapidly for many years and then was acquired by Medco Health Solutions in 2007.
Mr. Frinzi stated, “It has been an honor to lead Staar these last 2 years. We have steadily advanced the company’s clinical and commercial capabilities and increased the awareness of the EVO ICL throughout the world. I am proud of what we have accomplished at Staar, and I thank all of our employees for their hard work and dedication. I look forward to supporting Steve and the team, helping to ensure a smooth leadership transition, and continuing to collaborate with ophthalmologists to further drive EVO ICL adoption.”
The company also announced that Elizabeth Yeu, MD, who has served as a member of the Board since 2021, has been elected by the Board to serve as Board Chair.
In connection with Mr. Farrell’s transition to CEO, the Board has appointed Director Lilian Zhou as Chair of the Audit Committee.