STAAR Surgical has appointed former CEO David Bailey as its new chief commercial officer, marking the latest step in the company’s leadership overhaul following the failed Alcon takeover attempt. Bailey’s return is seen as a strategic move to leverage his deep understanding of the company and the industry, having previously served in various leadership roles at STAAR from 2001 to 2011.
A Familiar Face Returns
Bailey, who led STAAR from 2001 to 2011 in various roles, including CEO and president of international operations, rejoins the company after playing a key role in blocking Alcon’s $1.6 billion acquisition bid. His post-STAAR career included founding DB Consulting, a Swiss strategic advisory firm, and serving as CEO of Sensimed, a glaucoma diagnostics company. He will report to current CEO Warren Foust and join the executive committee.
This move is part of a broader leadership reshuffle at STAAR. Foust, who became permanent CEO in August, had previously served as interim co-CEO alongside Deborah Andrews since January. Andrews, who initially retired in 2020, returned to STAAR as CFO, highlighting the company’s effort to bring back seasoned executives to stabilize and grow the business.
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Strategic Vision for Growth
Bailey sees STAAR’s technology as a distinct advantage over laser eye procedures, emphasizing its removable and reversible nature, which preserves the natural cornea and addresses a wide range of vision issues, including myopia and astigmatism. He highlights that competitors have struggled to replicate STAAR’s proprietary material, a challenge that has given the company a notable lead in the market. This technological edge is seen as a key driver for future growth.
His strategy is focused on both deepening STAAR’s presence in established markets like China, Japan, and the U.S. and expanding into emerging regions such as South and Southeast Asia, South America, and Africa. Bailey aims to tap into “entirely new markets and patient populations,” leveraging STAAR’s unique technology to address unmet needs in these areas.
The appointment of Bailey reflects a broader strategic shift at STAAR, influenced by the revised board composition. The inclusion of representatives from Broadwood Partners, the activist investor that opposed the Alcon deal, has been instrumental in shaping the new leadership team. Neal Bradsher and Richard LeBuhn of Broadwood, along with Christopher Wang of Yunqi Capital, joined the board in January, bringing fresh perspectives and a focus on long-term growth. With Bailey’s return, the leadership team is poised to drive innovation and expansion, moving past the challenges of the previous year and positioning STAAR for sustained success in the global market.
