Bausch Health gets new chair

The chair of Bausch Health (NYSE:BHC) Joe Papa, has resigned. The company has named the billionaire hedge fund manager John Paulson to assume the role.

In an announcement, Bausch Health noted that the decision for Papa to resign was “not due to any dispute or disagreement” with the company or board.

In May, Bausch Health spun out its eye care unit Bausch + Lomb Corp. (NYSE/TSX:BLCO). BHC stock has fallen steadily since, losing about half its value in the past two months.

“The Company and the Board of Directors would like to thank Mr. Papa for his leadership over the past six years. Joe oversaw significant change in the business during his tenure, and we appreciate his role in Bausch Health’s continued transformation,” said CEO Thomas J. Appio in a statement. “I am excited about the Company’s future and its potential to create shareholder value,” added John Paulson.

Because Paulson is an independent d…

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Bausch + Lomb makes its stock market debut

After Bausch Health (NYSE:BHC) spun out its eye care unit Bausch + Lomb Corp. (NYSE/TSX:BLCO), its stock dipped 4.3% to $16.04 while BLCO shares increased 8.11% to $20.00 from a starting price of $18.00 per share.

The $18 price tag was short of Wall Street’s expectations.

The initial public offering was one of the first in recent memory as the stock market has navigated mostly choppy waters since the beginning of 2022.

“Bausch + Lomb has long been associated with many of the most significant advances in eye health, and I am honored to work alongside our 12,000 global employees as we continue to focus on achieving our ongoing mission of helping people see better to live better all over the world,” said Joseph C. Papa, chairman and CEO, Bausch + Lomb.

Papa will serve as chairman and CEO of the company.

Bausch + Lomb has a portfolio of more than 400 products, including ophthalmic pharmaceuticals, contact lenses and other eye …

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