STAAR Surgical Appoints New CFO

Monrovia, Calfi.-based STAAR Surgical Company, which makes implantable lenses and delivery systems for the eye, has named Stephen P. Brown its new chief financial officer (CFO). He will report to company President and CEO Barry Caldwell. His appointment is part of a planned transition of STAAR’s financial management team to support anticipated growth and expand the accounting skill sets necessary once the manufacturing consolidation project is complete.

Deborah Andrews, who has served as the CFO since 2005, is remaining with the company as vice president and chief accounting officer. According to Caldwell, the transition was her idea, as she wanted more “life balance.” Andrews has 18 years of experience in the industry. In a statement from STAAR, she expressed her enthusiasm for Brown’s appointment.

Brown joins STAAR from Bausch & Lomb Surgical, where he served as vice president, global finance since 2008. Prior to joining Bausch & Lomb, Brown was CFO of Hoya Surgical Optics and he served in various capacities over a 13-year period with Johnson & Johnson including CFO of the Advanced Sterilization Products division. His 30-year business career also includes the founding of Degree Baby Products, a privately held company that was sold after six years of operations to Johnson & Johnson.

“Earlier this year, we determined that to best support our consolidated manufacturing organization in the United States and to help drive our global growth initiatives, we needed to expand our financial management organization,” said Caldwell. “[Brown] has spent the last six years in the ophthalmic surgical medical device field as a key member of the Bausch & Lomb Surgical management team. He has significant experience in the acquisition and integration of both refractive and cataract technologies, which will be an important resource to our company as we continue to execute our global growth strategies. His experience at Johnson & Johnson in currency, foreign exchange trading and cash management will be helpful as we start to benefit from the leverage within our consolidated business as well as direction in our tax strategies. We were also attracted to Steve’s entrepreneurial spirit, especially given the returns he generated for shareholders. I look forward to his contributions and leadership as we execute our strategies to further build shareholder value.”

“STAAR is positioned for significant operating leverage beginning in 2014,” said Mr. Brown. “The team at STAAR has done an excellent job of building the Company’s balance sheet and a much stronger financial platform. There is significant earnings growth potential as a result of their efforts over the past few years, especially with the introduction of new product technologies and the consolidation of manufacturing to one site. I’m excited about becoming part of the team.”