CORRECTED-Staar Surgical CEO to exit as part of deal with top shareholder
Jan 15 (Reuters) - Staar Surgical STAA.O said on Thursday its CEO Stephen Farrell will step down by the end of the month as part of the medtech company's settlement deal with Broadwood Partners, its biggest shareholder.
The company said Farrell and Chair Elizabeth Yeu have also stepped down from the board.
Staar Surgical shares up 1% to $22 in premarket trading.
Broadwood founder Neal Bradsher and the investment firm's executive vice president, Richard LeBuhn, have joined Staar's board.
The company said it plans to make announcements regarding Staar's next chair and CEO in the near term.
Earlier this month, STAAR terminated a merger agreement with Swiss eyecare giant Alcon ALCC.S after failing to secure enough shareholder votes to approve the deal.
Alcon had last month made a new offer worth $1.6 billion for Staar, up from its original offer of $1.5 billion.
Broadwood Partners, Staar's biggest shareholder with a 31.07% stake, had actively opposed Alcon's initial offer, saying it undervalues the business and reflects a flawed sale process.
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