Jan 15 (Reuters) - Staar Surgical said on Thursday its CEO Stephen Farrell will step down by the end of the month as part of the medtech company's settlement deal with Broadwood Partners, its biggest
Staar Surgical CEO Steps Down Amid Settlement with Major Shareholder
Leadership Changes at Staar Surgical
Jan 15 (Reuters) - Staar Surgical said on Thursday its CEO Stephen Farrell will step down by the end of the month as part of the medtech company's settlement deal with Broadwood Partners, its biggest shareholder.
Details of the Settlement
The company said Farrell and Chair Elizabeth Yu have also stepped down from the board.
Impact on Shareholder Relations
Staar Surgical shares up 1% to $22 in premarket trading.
Merger Agreement Termination
Broadwood founder Neal Brasher and the investment firm's executive vice president, Richard LeBuhn, have joined Staar's board.
The company said it plans to make announcements regarding Staar's next chair and CEO in the near term.
Earlier this month, STAAR terminated a merger agreement with Swiss eyecare giant Alcon after failing to secure enough shareholder votes to approve the deal.
Alcon had last month made a new offer worth $1.6 billion for Staar, up from its original offer of $1.5 billion.
Broadwood Partners, Staar's biggest shareholder with nearly 30.2% stake, had actively opposed Alcon's initial offer, saying it undervalues the business and reflects a flawed sale process.
(Reporting by Gnaneshwar Rajan in Bengaluru)
