Bausch + Lomb CEO Brent Saunders Leaves With $75.5 Million Cash Payout; Parent's Chief Steps In
Interim CEO Thomas Appio also runs Bausch Health, and both companies expect to raise full-year adjusted EBITDA guidance.
Bausch + Lomb CEO Brent Saunders is leaving the company with a $75.5 million lump-sum cash payment, according to an 8-K filed Tuesday. Chairman Thomas Appio, who also runs parent Bausch Health, became interim CEO effective October 12.
What the 8-K says
The filing says Saunders and the board mutually agreed he would depart, effective October 12, and he also left the board. Under a separation agreement dated October 11, he gets the $75.5 million plus reimbursement of attorneys' fees up to $50,000. The payment depends on him signing a release of claims and not revoking it.
All of his outstanding equity awards, vested or unvested, were forfeited and cancelled when the agreement was signed. The filing says he gets no further pay or severance, including under his employment agreement, though he stays eligible for the company's group health plans for two years.
Saunders will help with the transition for 90 days without extra pay beyond expense reimbursement. His non-compete, non-solicitation and other restrictive covenants stay in force. The filing says the departure is not due to any dispute with the company, management or board over operations, policies or practices.
Appio's dual role and the guidance signal
Appio has chaired the Bausch + Lomb board since August 2026 and will keep running Bausch Health, the controlling shareholder, according to the press release. The release says Bausch Health, excluding Bausch + Lomb, has delivered 13 consecutive quarters of year-over-year growth in revenue and adjusted EBITDA under his leadership as its CEO.
The same release says preliminary third-quarter results lead both companies to expect a raise in full-year 2026 adjusted EBITDA guidance excluding acquired in-process research and development. No revised figures were given. Saunders said in the release that Bausch + Lomb is "stronger, more focused and better positioned for the future."
Bausch + Lomb shares closed at $16.07 on Monday, down about 7%, a session that ended before the Tuesday filing.
What to watch
The companies are in a blackout period and will give more detail on the guidance when they report third-quarter results on October 28.
Third-quarter results on October 28 are the next date that matters, when the companies have said they will detail the guidance increase.
Sources
- 8-K Filing — Bausch & Lomb Corp (BLCO) — SEC EDGAR
- Exhibit dp254863_ex9901.htm — Bausch & Lomb Corp 8-K exhibit — SEC EDGAR
- Bausch + Lomb names Appio interim CEO as Saunders hits the exit again | Fierce Pharma — fiercepharma.com
- Bausch + Lomb and Bausch Health Announce Appointment of Thomas J. Appio as Interim Bausch + Lomb CEO, Expect to Raise Full-Year 2026 Guidance – Company Announcement - FT.com — Financial Times
- Bausch + Lomb swaps CEOs; Merck reveals anticipated eye drug data | BioPharma Dive — biopharmadive.com
- Bausch & Lomb: Sudden Leadership Transition Raises Questions, but We Hold Valuation Steady | Morningstar — morningstar.com
- Why Is Bausch + Lomb Stock Falling Monday? — benzinga.com
