Bausch + Lomb Corp. BLCO-T says Joseph Papa is stepping down as chief executive and chair of its board of directors.
The eye health company says Thomas Ross Sr. has been appointed chair, while Papa will remain as CEO and a member of the board until his successor is named.
Papa says he believes now is an appropriate time to transition leadership of the company.
The company noted that Papa’s departure was not the result of any disagreement with the company.
Bausch + Lomb is a subsidiary of Bausch Health Companies Inc. BHC-T which is in the process of spinning the company off.
Papa stepped down as chief executive of Bausch Health earlier this year and was replaced as chair of the company by hedge fund manager John Paulson last month.
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