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Bausch + Lomb names new board chairman, CEO

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ROCHESTER, N.Y. — Bausch + Lomb announced that it has named Fred Hassan chairman of its board of directors. In addition, the company has named Brent Saunders CEO and has appointed him to its board of directors. Both appointments are effective immediately.

Current chairman and CEO Gerald M. Ostrov plans to retire and will serve as a consultant to the new management team, according to a press release from Bausch + Lomb.

Fred Hassan

Known as a leading figure in global health care, Mr. Hassan most recently served as chairman and CEO of Schering-Plough until its merger with Merck in November 2009. Previously, Mr. Hassan served as chairman and CEO of Pharmacia and as president of U.S. operations for Wyeth. Mr. Hassan has also held posts at Novartis, as well as at private equity investing group and Bausch + Lomb majority shareholder Warburg Pincus.

"Jerry Ostrov stabilized a very challenging situation at Bausch + Lomb and helped move us toward a stronger global organization," Mr. Hassan said in the release. "During his tenure, the company improved on many fronts. We thank him for these major accomplishments. Now we will be initiating a new phase to take Bausch + Lomb to an even higher level of performance. I look forward to my role as chairman of an active and engaged board of directors, working closely with and supporting our new CEO Brent Saunders."

Brent Saunders

Mr. Saunders joined Schering-Plough in 2003 as the head of a new compliance and business practices unit under Mr. Hassan, and has since served as the company's senior vice president and president of its consumer health care unit. Mr. Saunders managed Schering-Plough's integration of Organon BioSciences in 2007 and also spearheaded the company's integration planning teams for its 2009 merger with Merck, the release said.

"My goal is to power up Bausch + Lomb to its rightful position as the global innovation leader in eye health," Mr. Saunders said in the release. "We are forging the talented people of Bausch + Lomb into a winning team with a winning attitude, with a relentless focus on execution. We'll be working hard to deliver the value in our pipeline, while creating more value for the future."

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