STAAR Surgical Taps Insiders to Steer Through CEO Transition

LAKE FOREST, CA – February 02, 2026 – STAAR Surgical Company (NASDAQ: STAA), a global leader in vision correction technology, has appointed two of its top executives as interim co-Chief Executive Officers in a move designed to ensure stability as the company navigates a critical leadership transition. President and Chief Operating Officer Warren Foust and Chief Financial Officer Deborah Andrews will jointly lead the company, effective February 1, 2026, while the Board of Directors conducts a global search for a permanent CEO.

The appointments come at a pivotal moment for the maker of the EVO Implantable Collamer® Lens (ICL), following a period of significant internal and external pressure that culminated in the departure of its previous CEO, Stephen C. Farrell.

A Steady Hand in Turbulent Times

In its official announcement, STAAR's board emphasized continuity and confidence in the newly appointed interim leaders. Both Foust and Andrews are seasoned executives with extensive knowledge of the company’s operations and the broader ophthalmic industry.

“Warren and Deborah are respected and qualified leaders with deep knowledge of STAAR and our industry. The entire Board is confident in their ability to ensure business continuity and lead our Company during this period of transition,” said Neal C. Bradsher, Chairman of the Board. “The Board is committed to working diligently to identify and appoint a new CEO.”

Warren Foust, who joined STAAR in April 2023 and was promoted to President and COO in March 2025, brings a wealth of operational and commercial experience. His role has encompassed oversight of global sales, marketing, manufacturing, and operations. Before his tenure at STAAR, Foust held significant leadership positions at Johnson & Johnson, including Worldwide President of Surgical Vision, providing him with a deep understanding of the competitive landscape.

Deborah Andrews, a long-serving executive at STAAR, brings profound financial stewardship to the co-CEO role. Having rejoined the company in March 2025, she has previously served as Chief Financial Officer on two separate occasions, from 2005-2013 and again from 2017-2020. Her responsibilities include managing the company’s finance, accounting, IT, and investor relations functions, making her intimately familiar with STAAR's financial structure and history.

The Unsettled Path to Transition

The leadership shuffle follows a tumultuous period for the California-based medical device firm. The departure of former CEO Stephen C. Farrell on January 31, 2026, was not unexpected, having been previously disclosed as part of a Cooperation Agreement with activist investor Broadwood Partners, L.P., dated January 14, 2026.

This agreement capped months of strategic debate within the company, most notably centered around a rejected takeover bid from industry giant Alcon. Reports suggest that Farrell had been in favor of the multi-billion dollar merger, but the board and ultimately investors opted to remain independent after what was described as "months of bitter wrangling."

This corporate drama unfolded against a backdrop of challenging financial performance. In the twelve months preceding the transition, STAAR reported a 32.4% decline in revenue and faced headwinds from weak demand in key markets like China. The company had already undergone a significant C-suite reorganization and layoffs in early 2025 as it sought to right its course. Despite these top-line struggles, the company maintains a strong gross profit margin of nearly 74% and holds more cash than debt, providing its new interim leadership with a degree of financial flexibility.

Navigating a Competitive Vision Market

The task for Foust and Andrews is to steer the company through this interim period while maintaining its competitive edge in the rapidly growing market for vision correction. STAAR is the undisputed global leader in phakic intraocular lenses, a less invasive alternative to LASIK. Its flagship EVO ICL product line has been implanted over 3 million times in more than 75 countries, offering patients vision correction without the removal of corneal tissue.

The global market for these lenses is projected to expand significantly, fueled by a rising prevalence of myopia and other refractive errors, particularly in Asia-Pacific. However, the space is highly competitive. STAAR contends with behemoths like Johnson & Johnson Vision, Alcon, and Bausch + Lomb, all of whom possess vast resources and extensive product portfolios in ophthalmic surgery.

Maintaining market leadership will require a steadfast focus on innovation, such as developing next-generation lenses with enhanced features, and executing a robust global commercial strategy. The interim leaders will be tasked with advancing these goals while the board searches for a permanent successor who can define the company's long-term vision. The market has reacted with caution, with some analysts noting that while the leadership change improves governance, it also introduces "heightened strategic uncertainty" in the wake of the terminated Alcon deal.

The Global Search for a New Visionary

The Board has formalized its hunt for a new leader by establishing a Search Committee, chaired by director Lilian Y. Zhou. The committee, which has already engaged executive search firms, is conducting a global search that includes both internal and external candidates.

The stakes for this appointment are exceptionally high. The ideal candidate will need a rare combination of skills: deep expertise in the specialized ophthalmic device market, a proven track record of driving growth in a public company, and the financial acumen to navigate a business turnaround. Furthermore, the new CEO must be adept at managing complex stakeholder relationships, including the activist investors who played a role in the recent changes.

To incentivize the interim leaders, the board has granted both Foust and Andrews restricted stock units valued at $375,000 each. Specific agreements also outline enhanced severance benefits for Foust if he is not selected as the permanent CEO, a common practice to ensure commitment during a transition. This arrangement keeps a potential internal promotion on the table while the board casts a wide net for the visionary leader who will guide STAAR Surgical through its next chapter of innovation and competition in the global vision correction market.