Staar Surgical Announces Restructure of Leadership

Staar Surgical announced a series of changes to their leadership structure. These changes come in an effort to better address marketing needs, according to Staar. 

• Warren Foust, Chief Operating Officer, has been promoted to the newly created role of President and Chief Operating Officer. Mr. Foust will continue to oversee Staar's sales, manufacturing, and operations functions. However, the company’s new Chief Development Officer, Chief Marketing Officer, and Chief Medical Officer now will also report to Mr. Foust. 
• Magda Michna, PhD, Chief Clinical, Regulatory and Medical Affairs Officer, has been promoted to the newly created role of Chief Development Officer. Dr. Michna now will assume responsibility for the company’s quality and research and development (R&D) functions, in addition to her previous role overseeing clinical, regulatory and medical affairs functions. In connection with this promotion, Keith Holliday, PhD, who had served as Chief Technology Officer and head of R&D, is leaving the company for retirement.  
• Deborah Andrews returns to Staar as Interim Chief Financial Officer, effective immediately. Ms. Andrews previously served as Staar's Chief Financial Officer from 2007-2013 and 2017-2020. STAAR’s Board of Directors will be initiating a search for a permanent CFO. Patrick F. Williams, who joined Staar as CFO in 2020, is stepping down effective immediately, and he has agreed to a 3-month consulting agreement to assist with the transition of responsibilities. Mr. Williams’ departure is not related to any disagreement regarding financial reporting or internal controls, according to Staar. 

“When I stepped into the CEO role a few weeks ago, I began the process of aligning and streamlining our organizational structure and management team to drive revenue growth, improve our cost structure, and better position the business to increase shareholder value. This new leadership structure is the first step in that process,” Steve Farrell, Chief Executive Officer, said in a recent press release. He emphasized the company’s commitment to increase creativity in R&D and adapt quickly to changing market demands. 

“I am confident that we have the right leadership team in place to fulfill our promise to patients, surgeons, and shareholders. Our primary objective continues to be long term revenue growth, and this commitment is unwavering. Nonetheless, we are determined to reduce costs, especially in functional areas that don’t impact our customers,” Mr. Farrell said.