Icahn representatives resign from Bausch + Lomb board as agreement ends

VAUGHAN, Ontario - Brett M. Icahn and Gary Hu have resigned from the Bausch + Lomb Corporation (NYSE/TSX:BLCO) Board of Directors following the termination of a director appointment agreement with investor Carl C. Icahn and his affiliates, the company announced Monday. The news comes as the company’s stock has shown remarkable strength, posting a 25% gain in the past week alone.

The Amended and Restated Director Appointment and Nomination Agreement, originally dated June 21, 2022, ended automatically when the Icahn group’s ownership stake in Bausch Health Companies Inc., the parent company of Bausch + Lomb, fell below the required threshold specified in the agreement.

"I appreciate Brett and Gary’s valuable contributions to the company over the past three years, and wish them well going forward," said Brent Saunders, chairman and CEO of Bausch + Lomb, in a press release statement.

The agreement had provided the Icahn group with board representation rights at Bausch + Lomb, the eye health company known for its contact lenses and eye care products.

Bausch + Lomb, founded in 1853, maintains a portfolio of approximately 400 products including contact lenses, lens care products, eye care products, pharmaceuticals, and surgical devices. The company employs about 13,500 people globally with operations in approximately 100 countries.

The company is headquartered in Vaughan, Ontario, with additional corporate offices in Bridgewater, New Jersey.

In other recent news, Bausch Health Companies Inc reported second-quarter earnings that significantly surpassed analyst expectations. The company posted adjusted earnings per share of $0.40, far exceeding the anticipated $0.04. Revenue for the quarter reached $2.53 billion, surpassing estimates of $2.48 billion and marking a 5% increase from the previous year. Additionally, Paulson Capital Inc. and its affiliates have increased their stake in Bausch Health to approximately 19.13% by acquiring 34.7 million common shares previously held by Carl C. Icahn and his affiliates. This transaction was made without any involvement from Bausch Health in terms of agreements or arrangements. These developments have contributed to a positive investor response, with Bausch Health’s strong performance and outlook receiving particular attention.

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