Bausch + Lomb CEO Brent Saunders to Depart in 'Mutual Agreement' With Board; Appio Named Interim CEO

Bausch + Lomb announced Monday that chief executive Brent Saunders will depart the company after reaching a mutual agreement with the board of directors. Board chairman Thomas J. Appio, who has been chief executive of Bausch Health since 2022, was named interim CEO of Bausch + Lomb effective immediately and will continue in his Bausch Health role.

The announcement said: "Brent Saunders, who has served as Bausch + Lomb CEO since 2023, and the Board of Directors mutually agreed that Saunders will depart the company." The company gave no reason for the exit and did not immediately respond to Reuters' request for comment.

Saunders, in the release: "When I returned to Bausch + Lomb, I believed this company had tremendous potential. Today, it is stronger, more focused and better positioned for the future." This was his second stint running the eye-care company — he previously led Bausch + Lomb from 2010 to 2013 — and he came back in 2023. Before that, he led Allergan until its $63 billion sale to AbbVie in 2020.

Appio takes both seats

Appio became chairman of the Bausch + Lomb board in August 2026, and his history with the company runs deep. He joined Bausch + Lomb in 2010 as managing director for China and became president of Bausch + Lomb International in 2016 before moving to the top job at Bausch Health in 2022.

The release credits Appio's record: under his leadership, Bausch Health — excluding Bausch + Lomb — delivered 13 consecutive quarters of year-over-year revenue and adjusted EBITDA growth on a non-GAAP basis, according to the company. Appio said: "The opportunity to lead Bausch + Lomb is both a privilege and a responsibility that I embrace with great enthusiasm." He added: "Our company is built on the strength of our people, the quality of our portfolio and a relentless commitment to serving customers and patients around the world."

On Wall Street, the read was surprise but not alarm: Citi said the timing "seems sudden," but that Appio's long experience with Bausch + Lomb positions him well to lead during the transition, according to Reuters.

The guidance surprise

Tucked into the same announcement was the news shareholders usually like. Based on preliminary third-quarter results, Bausch + Lomb and Bausch Health "currently expect to raise full-year 2026 adjusted EBITDA excluding Acquired IPR&D guidance." Both companies are in a blackout period, so details wait for the third-quarter results on October 28.

Bausch + Lomb's current full-year forecast is adjusted EBITDA of $1.025 billion to $1.075 billion, according to Reuters.

Investors led with the exit

The market's first verdict prioritized the leadership upheaval over the guidance tease. Bausch + Lomb's U.S.-listed shares (NYSE: BLCO) fell to $15.875 by about 11:28 a.m. ET on Monday — down 8.24% from Friday's $17.30 close, per Finnhub data. The selloff deepened through the morning: the stock was down roughly 5.8% around 10:12 a.m. ET, and a Reuters wire variant noted the shares were "down over 5% in early trading."

The control question behind the exit

The context investors will be reading into: Bausch Health listed Bausch + Lomb separately in 2022 but retained control, and a potential sale process for Bausch + Lomb ended without a deal in 2025, according to Reuters. Evercore ISI analysts said investors will be watching whether the leadership change affects what Bausch Health ultimately does with its controlling stake in Bausch + Lomb, per a Reuters wire variant.

What to watch next

The next scheduled look inside the numbers comes October 28, when both companies report third-quarter results and deliver the updated forecasts in full. Whether the interim tag on Appio's title comes off, whether Saunders' departure gets a reason or a next chapter, and what Bausch Health ultimately does with its controlling stake are the open questions.

A note on sourcing: the facts that matter here — the mutual-agreement departure, the interim appointment, the guidance-raise expectation, and the verbatim quotes — are the companies' own words, published Monday in their joint announcement. Reuters' same-day wire supplies the market context and the historical background.