STAAR Surgical adds three board members in cooperation deal

STAAR Surgical Company (NASDAQ: STAA) announced that Neal C. Bradsher and Richard T. LeBuhn of Broadwood Partners and Christopher Wang of Yunqi Capital have joined the company's board of directors, effective immediately.

The board changes are part of a cooperation agreement between STAAR and Broadwood Partners, which owns 31% of STAAR's outstanding common stock. Yunqi Capital and its affiliates own 6.5% of the company's stock.

As part of the agreement, STAAR Chair Elizabeth Yeu and CEO Stephen Farrell have stepped down from the board. Farrell will continue as CEO until January 31, 2026. The board has expanded from six to seven members.

Bradsher is founder and president of Broadwood Capital, Inc., a private investment firm established in 2002. He holds a bachelor's degree in economics from Yale College and is a chartered financial analyst. LeBuhn serves as executive vice president at Broadwood Capital and holds an MBA from Columbia University Graduate School of Business.

Wang is founder and chief investment officer of Yunqi Capital, a Hong Kong-based investment manager with over $250 million in assets under management. He previously worked at Owl Creek Asset Management from 2008 to 2017.

STAAR director Louis Silverman said the new board members bring expertise in public market investments, healthcare, and business in China. The board plans to announce STAAR's next chair and CEO in the near term.

Broadwood has agreed to customary standstill provisions as part of the cooperation agreement, which will be filed with the Securities and Exchange Commission.

STAAR Surgical manufactures implantable phakic intraocular lenses for vision correction and is headquartered in Lake Forest, California.

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