Bausch Health names new CFO, says eye care unit spinoff on track

March 11, 2021 7:41 AM EST

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(Reuters) - Bausch Health Companies Inc on Thursday named insider Sam Eldessouky as its new finance chief, at a time when the Canadian drugmaker looks to speed up the spinoff of eye care unit Bausch + Lomb.

Current CFO Paul Herendeen will take on the role of advisor to the chairman and chief executive officer, the company said.

Eldessouky's appointment comes amid calls from activist investor Glenview Capital Management for Bausch to spin-off Bausch + Lomb by year-end. The company in August said it would offload the unit into a separate publicly listed firm.

Bausch last month agreed to add directors from Icahn Group to its board, weeks after activist investor Carl Icahn disclosed a nearly 8% stake.

Eldessouky joined Bausch Health, previously known as Valeant Pharmaceuticals, in 2016 as senior vice president and corporate controller.

(Reporting by Manas Mishra and Mrinalika Roy in Bengaluru; Editing by Devika Syamnath)

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