Stephen C. Farrell appointed CEO to succeed Tom
Frinzi
Elizabeth Yeu, M.D. elected Board Chair
STAAR Surgical Company (NASDAQ: STAA), the global leader in
phakic IOLs with the EVO family of Implantable Collamer® Lenses
(EVO ICL™) for vision correction, today announced a leadership
transition. Stephen C. Farrell, current Lead Independent Director
of the STAAR Board of Directors, has been appointed President and
CEO, effective February 26, 2025. Tom Frinzi, STAAR’s current
President and CEO, will remain with the Company in an advisory role
through January 2026 to support the leadership transition and build
upon STAAR’s strong relationships in the ophthalmic community.
“We are pleased to have a veteran healthcare executive of
Steve’s caliber leading STAAR as we work to navigate current global
macroeconomic challenges,” said Wei Jiang, Chair of the Board’s
Nominating and Governance Committee. “Steve brings a keen
understanding of the healthcare industry and an excellent history
of successfully and profitably growing global businesses while
maintaining strong financial discipline. His knowledge of STAAR,
gained from nine years of service on the board, including the last
two as Lead Independent Director, will help him transition rapidly
in this new role. With his attention to detail, rigorous analytical
skills, and broad operating expertise, we are confident that Steve
is the right leader to drive the next phase of STAAR’s growth.”
“I am excited to join STAAR as CEO at this critical time,” said
Mr. Farrell. “We have a best-in-class product, a strong network of
surgeons, and a clear path to continued market share gains in a
market that we expect to grow substantially over time. I have long
believed in the advantages of the EVO ICL and its potential to
transform refractive surgery. The building blocks for STAAR’s
success are in place, and I will be looking at opportunities for
improvement, optimization, and efficiency. Although the past few
years have been challenging for our business and our investors, we
are well positioned to deliver strong returns as the refractive
surgery market stabilizes and resumes its historic growth. I look
forward to working with STAAR team members and customers around the
world as we continue to deliver upon our promise to be the first
choice for surgeons and patients seeking visual freedom.”
Mr. Farrell brings to STAAR a long track record of operating and
financial success, including over 20 years as both a CEO and CFO of
global healthcare businesses. From 2011 to February 2024, he served
as CEO of Convey Health Solutions, a technology-enabled healthcare
business process outsourcer, which was acquired by TPG Capital in
2022. Previously, he served as President of PolyMedica Corporation,
a publicly traded provider of diabetes supplies that grew rapidly
for many years and then was acquired by Medco Health Solutions in
2007.
Mr. Jiang continued, “On behalf of the entire Board, I want to
thank Tom for his contributions to help drive the global adoption
of STAAR’s EVO ICL technology. We are grateful for his efforts and
appreciate that he will continue to support our team in an advisory
role.”
Mr. Frinzi said, “It has been an honor to lead STAAR these last
two years. We have steadily advanced the company’s clinical and
commercial capabilities and increased the awareness of the EVO ICL
throughout the world. I am proud of what we have accomplished at
STAAR, and I thank all of our employees for their hard work and
dedication. I look forward to supporting Steve and the team,
helping to ensure a smooth leadership transition, and continuing to
collaborate with ophthalmologists to further drive EVO ICL
adoption.”
Dr. Yeu Elected Board Chair
The Company also announced today that Elizabeth Yeu, M.D., who
has served as a member of the Board since 2021, has been elected by
the Board to serve as Board Chair.
Mr. Jiang concluded, “In keeping with our commitment to
evolving, enhancing, and improving STAAR’s Board and governance,
the Board has decided to separate the roles of CEO and Board Chair.
Liz is a renowned ophthalmic surgeon who has made numerous
contributions to STAAR during her tenure as a director. I know we
will benefit from her leadership in the boardroom, as well as in
the ophthalmic community.”
Dr. Yeu said, “As an ophthalmologist, I have seen first-hand the
life-changing impact that EVO ICL can have on patients. The global
myopia epidemic shows no sign of abating, and I believe that the
future is bright for STAAR and EVO ICL. As we focus on growing the
business and creating shareholder value, I look forward to working
with Steve, the leadership team, and our valued surgeon
partners.”
In connection with Mr. Farrell’s transition to CEO, the Board
has appointed Director Lilian Zhou as Chair of the Audit Committee.
Ms. Zhou has served with Mr. Farrell on the Audit Committee since
December 2023 and brings more than two decades of financial
analysis, capital markets, and investment experience to the
role.
About Stephen C. Farrell
Since February 2024, Mr. Farrell has been working as a
consultant to private companies focused on improving financial
performance and operating efficiencies. From February 2011 to
February 2024, Mr. Farrell served as the Chief Executive Officer
and a member of the Board of Directors of Convey Health Solutions,
a technology-enabled healthcare business process outsourcer. Also,
from 2012 to 2020, he was a member of the Board of Directors of
Lineage Cell Therapeutics, formerly known as BioTime, Inc., a
clinical stage biotechnology company focused in the field of
regenerative medicine. From 2008 to 2009, Mr. Farrell served as the
Executive Vice President and Chief Financial Officer for Stream
Global Services, a private equity owned business process
outsourcer. From 1999 to 2007, Mr. Farrell served in multiple
executive roles, including CFO, COO, and President, at PolyMedica
Corporation, a publicly traded provider of diabetes supplies that
was acquired by Medco Health Solutions in 2007. From 2007 to 2014,
he served as a member of the Board of Directors of Questcor
Pharmaceuticals, a biopharmaceutical company that was acquired by
Mallinckrodt PLC in 2014. Mr. Farrell spent five years as a Senior
Manager at PricewaterhouseCoopers from 1994 to 1999, and was a
Certified Public Accountant (CPA). He received his B.A. from
Harvard University and earned an M.B.A. at the University of
Virginia, Darden School of Business.
About Dr. Elizabeth Yeu
Dr. Yeu has been a Partner at Virginia Eye Consultants since
2014. She has served as an Assistant Professor of Ophthalmology at
the Eastern Virginia Medical School since 2012. Dr. Yeu was
President of the American Society of Cataract and Refractive
Surgery (ASCRS) from 2023 to 2024, and serves on the ASCRS
Executive Board. Dr. Yeu has authored hundreds of medical journal
articles and is a frequent lecturer nationally and internationally
in the areas of refractive cataract surgery, anterior segment
reconstruction, ocular surface disease management and the surgical
management of astigmatism. Dr. Yeu was voted to The
Ophthalmologist's Power List as follows: Global Top 100 Power List
2022 and 2020, Top 100 Women in Ophthalmology in 2021, Emerging
Leader in 2019, Rising Stars in 2017 and Top 40 Under 40 in 2015.
Dr. Yeu received the Women in Medicine’s Top Ophthalmologist Award
in 2021, the inaugural Clinical Rising Star award in 2018 by the
Ophthalmic Innovations Summit (OIS), was recognized as a Castle
Connelly Top Doc 2016-2022 and received their Exceptional Women in
Medicine Award in 2017-2018, earned the Best Doctors Award by her
peers from 2013-2016, the Millennial Eye Award in 2015, and was
recognized as Top 40 Under 40 through Virginia’s Inside Business
Journal. Since December 2021, Dr. Yeu has served on the board of
directors of Tarsus Pharmaceuticals, Inc., a biopharmaceutical
company focused on the development and commercialization of
therapeutic candidates to address a prevalent disease with limited
treatment options. Since November 2024, she has served as Chief
Medical Officer of Tarsus.
Dr. Yeu earned her medical degree through an accelerated and
combined undergraduate/medical school program at the University of
Florida College of Medicine. She completed her Ophthalmology
residency at Rush University Medical Center in Chicago, where she
served as Chief Resident (2006-2007). Dr. Yeu completed a
fellowship in cornea, anterior segment, and refractive surgery at
Baylor College of Medicine’s Cullen Eye Institute from 2007-2008,
and she served as an Assistant Professor after her fellowship
training.
About Lilian Zhou
Ms. Zhou has more than two decades of experience in corporate
finance, capital markets, capital allocation and investment
management. After a decade of working at prominent financial
institutions such as Citadel, Kelusa Capital (an investment
advisory firm backed by Tiger Management, L.L.C.) and Bear Stearns
in investing and research roles, Ms. Zhou founded Yulan Capital
Management LLC (“Yulan”), a global investment firm focused on
publicly listed companies. Under her leadership, Yulan grew into a
globally respected franchise from 2013 through June 2023 with
offices in New York and Shanghai. Yulan’s institutional shareholder
base included Tiger Management, L.L.C. as well as leading
endowments, pension funds and insurance companies. Ms. Zhou started
her career in investment banking at Credit Suisse. Ms. Zhou holds
dual BA, Summa Cum Laude, in Economics and Mathematics- Statistics
from Columbia University. She also holds an MBA in Finance and
General Management from the Wharton School where she graduated as a
Palmer Scholar. She is a Chartered Financial Analyst (CFA) Charter
holder and received National Association of Corporate Directors
(NACD) Directorship certification.
About STAAR Surgical
STAAR, which has been dedicated solely to ophthalmic surgery for
over 40 years, designs, develops, manufactures and markets
implantable lenses for the eye. These lenses are intended to
provide visual freedom for patients, lessening or eliminating the
reliance on glasses or contact lenses. All of these lenses are
foldable, which permits the surgeon to insert them through a small
incision. STAAR’s lens used in refractive surgery is called an
Implantable Collamer® Lens or “ICL,” which includes the EVO ICL™
product line. More than 3,000,000 ICLs have been sold to date and
STAAR markets these lenses in over 75 countries. To learn more
about the ICL go to: EVOICL.com. Headquartered in Lake Forest, CA,
the company operates manufacturing and packaging facilities in
Aliso Viejo, CA, Monrovia, CA and Nidau, Switzerland. For more
information, please visit the Company’s website at
www.staar.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20250226727859/en/
Investors & Media Brian Moore Vice President,
Investor Relations and Corporate Development (626) 303-7902, Ext.
3023 bmoore@staar.com
Investors - Asia Niko Liu, CFA Director, Investor
Relations and Corporate Development - Asia +852-6092-5076
nliu@staar.com
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