Bausch + Lomb Corp. announced July 20 that Chairman and CEO Joseph Papa stepped down as chair of the company’s board of directors.

The board appointed Thomas Ross Sr. to serve as chair and has begun a search for a new CEO, according to the company, which is headquartered in Ontario with corporate offices in Bridgewater.

Papa will remain in the position and as a member of the board until the eye health company appoints a new leader. 

On May 6, Bausch + Lomb – previously a subsidiary of Bausch Health Co. Inc. – launched as a publicly traded company and announced its leadership team, including Papa.  

The July 20 announcement stated that “Bausch + Lomb, with the support of its board, remains committed to the strategy of completing its spinoff from Bausch Health. Mr. Papa’s departure is not the result of any disagreement with the company.” 

“Joe has done an incredible job as the former leader of Bausch Health and current leader of Bausch + Lomb,” Ross said in a statement. “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.” 

Papa added that it has been a “privilege” to serve as CEO. 

“After six 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,” Papa said. 

The company also affirmed its full-year guidance range for 2022, announced June 8.