Bausch + Lomb Announces Departure of CEO Brent Saunders and Appoints Interim CEO Thomas Appio

Bausch + Lomb Corporation announced that Chief Executive Officer Brent Saunders and the Board of Directors have mutually agreed that Mr. Saunders will depart from the company, effective October 12, 2026. Mr. Saunders will also step down from the Board of Directors on the same date. The filing states that his departure is not due to any dispute or disagreement with the Company, its management, or the Board regarding operations, policies, or practices.

In a related move, Thomas J. Appio, who currently serves as Chairman of the Board, has been appointed as the interim Chief Executive Officer, effective October 12, 2026. Mr. Appio also serves as the Chief Executive Officer of Bausch Health Companies Inc., the Company's controlling shareholder. He was appointed Chairman of the Bausch + Lomb Board of Directors in August 2026. Prior to the Company's initial public offering in 2022, Mr. Appio held several leadership roles within Bausch + Lomb, including President of Bausch + Lomb International.

The Company entered into a separation agreement with Mr. Saunders dated October 11, 2026. Under the terms of this agreement, Mr. Saunders will receive a lump-sum cash payment of $75.5 million, along with reimbursement of up to $50,000 for attorneys' fees. Payment of the cash consideration is contingent upon Mr. Saunders executing a waiver and general release of claims. Mr. Saunders will not be entitled to any further compensation or severance in connection with his departure. All outstanding equity and equity-based incentive awards under the Company's 2022 Omnibus Incentive Plan were forfeited and cancelled upon entering into the Separation Agreement.

Regarding financial guidance, the Company disclosed that it expects to raise its full-year 2026 guidance with respect to adjusted EBITDA excluding Acquired IPR&D (non-GAAP). This update is based on preliminary third-quarter results. The companies indicated that they are currently in a blackout period and will provide additional details when they report third-quarter results on October 28.