- Signs for push-out forces
- After almost four years on the job
- Praise, thanks and good wishes for Brown
- Deborah Andrews taking over in the interim
- Search for a successor
- Brown spoke at length and said 100 words
(exechange) — Monrovia, California, April 05, 2017 — Steve Brown, finance chief of STAAR, leaves. It is a change at short notice. As announced by STAAR Surgical Company in a news release and in a regulatory filing published on Wednesday, April 05, 2017, Stephen P. (Steve) Brown leaves the post as Chief Financial Officer at the maker of implantable lenses for the eye in a surprising move after almost four years on the job, effective April 28, 2017.
STAAR will undertake a search for a successor.
Brown’s duties are taken over in the interim by Deborah Andrews, currently Chief Accounting Officer and former Chief Financial Officer at STAAR Surgical Company.
“Lifestyle and commitment to family”
The imminent management change is explained as follows. Steve Brown said: “My decision to leave STAAR Surgical was difficult to say the least. I would characterize the decision as one of lifestyle and commitment to family. I have determined that pursuing an opportunity within a manageable commuting distance was an essential element in achieving this outcome.”
Precise information about the future plans of Brown was not immediately available.
STAAR said: “Steve Brown has resigned his position as Chief Financial Officer effective April 28, 2017.”
Share price decline
The change follows a decline in the share price of STAAR Surgical Company since March 2014.
Broadwood holds 26.73 percent stake
Broadwood Capital, Inc. reported a 26.73 percent stake in STAAR Surgical Company as of December 31, 2016.
Chaired by Louis E. Silverman
STAAR Surgical Company is chaired by Louis E. Silverman.
CEO: Caren Mason
Caren Mason serves as CEO of STAAR Surgical Company. Mason was elected to STAAR’s Board of Directors at its 2014 Annual Meeting, and she has served as STAAR’s Chief Executive Officer since March 1, 2015.
On the job as CFO since 2013
Brown has been the Chief Financial Officer of STAAR Surgical Company since September 2013 and also serves as its Vice President.
Brown joined STAAR in September 2013, from Bausch & Lomb Surgical, where he served as Vice President, Global Finance from 2008 through 2013.
Prior to joining Bausch & Lomb, Brown was Chief Financial Officer of Hoya Surgical Optics and he served in various capacities over a 13 year period with Johnson & Johnson including Chief Financial Officer of 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.
Brown earned a B.A. in Business Administration from California State University, Fullerton and holds a M.B.A. from UCLA Anderson School of Management.
As a general rule, when a top manager announces to step down with no permanent successor available, it’s a signal that the change was unexpected and too early.
Signs for push-out forces
It is not completely certain what forces eventually triggered Steve Brown’s imminent move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 15.2017 ($).