Staar Surgical Co., a Lake Forest-based maker of implantable eye lenses, announced the current lead independent director, Stephen C. Farrell, as its new chief executive, replacing Tom Frinzi, effective today.
“It has been an honor to lead Staar these last two years,” Frinzi said in a statement. “We have steadily advanced the company’s clinical and commercial capabilities.”
Frinzi will remain with the company in an advisory role through next January. The company has announced plans to lay off 115 employees.
Farrell has more than 20 years as an executive of global healthcare businesses, including as CEO of Convey Health Solutions, a technology-enabled healthcare business process outsourcer that was acquired by TPG Capital in 2022.
The company also announced today that Elizabeth Yeu, M.D., who has served as a member of the board since 2021, has been elected as board chair.
Following the news, shares of Staar rose 1.9% in after-hours trading to $17.42. The company has a $1.1 billion market cap.
For more information, see the March 10 issue of the Business Journal.