Bausch + Lomb Taps Chairman Thomas Appio as Interim CEO; Companies Signal Higher 2026 EBITDA Outlook

Bausch + Lomb and parent company Bausch Health announced on October 12, 2026, that board chairman Thomas J. Appio has been named interim chief executive officer of Bausch + Lomb, effective immediately, according to a joint release carried by Business Wire via The Globe and Mail. Appio will hold the interim post while continuing as CEO of Bausch Health, the companies said. The same release stated that, based on preliminary third-quarter results, both companies currently expect to raise their full-year 2026 adjusted EBITDA excluding Acquired IPR&D guidance, which the companies attributed to continued strong business performance in the third quarter of 2026 and anticipated stronger performance for the remainder of the year. The release did not quantify the anticipated increase and said the companies are currently in a blackout period and will provide additional details when they report third-quarter results on Oct. 28.

Saunders Departs, Appio Steps In

Brent Saunders, who has served as Bausch + Lomb CEO since 2023, is leaving the company. According to the joint release, Saunders and the Bausch + Lomb board "mutually agreed" that he would depart, but the companies did not state a reason, a specific departure date, or any severance or transition arrangement. In a statement included in the release, Saunders said the company is "stronger, more focused and better positioned for the future, with a clearer strategy, a more robust pipeline and significant opportunities ahead" than when he returned to lead it.

Appio was appointed chairman of the Bausch + Lomb board in August 2026, roughly two months before taking on the interim CEO role, the release noted. He has served as CEO of Bausch Health since 2022. The companies said that, under his leadership, Bausch Health excluding Bausch + Lomb has delivered 13 consecutive quarters of year-over-year growth in revenue and adjusted EBITDA on a non-GAAP basis. In the release, the Bausch + Lomb board said it believes Appio's "deep knowledge of the business, global leadership experience and longstanding connection to Bausch + Lomb" position him well to build on the company's momentum and lead its next phase of growth. Appio, in his own statement, described leading Bausch + Lomb as "both a privilege and a responsibility" and said the company is "well positioned to build on our momentum and deliver sustainable growth." Interpretation: the board's stated rationale and Appio's language both emphasize continuity with the existing strategy rather than a strategic reset, and point to an internal appointment rather than an outside hire; the release did not describe any search process.

The release did not indicate whether a search for a permanent CEO is underway, nor did it make any statement about the status of a separation of the Bausch + Lomb business from Bausch Health. The joint statement did note, in its non-GAAP disclosures, that Bausch Health operates international pharmaceuticals and eye health "through our controlling interest in Bausch + Lomb Corporation," and that separation costs are incremental costs directly related to effectuating the separation of the Bausch + Lomb business from the remainder of BHC, including legal, audit and advisory fees, talent acquisition costs and costs tied to establishing a new board of directors and audit committee. The companies also cautioned that the preliminary guidance update speaks only as of Oct. 12, 2026 and will not be further updated or affirmed unless and until each company publicly announces updated or affirmed guidance, and that the expected increase rests on preliminary, unaudited third-quarter 2026 results still subject to quarter-end closing and review procedures, stronger business performance for the remainder of 2026, prevailing foreign exchange rates and other assumptions. Neither company provided a reconciliation of its forward-looking adjusted EBITDA guidance to GAAP net income, citing the inherent difficulty of forecasting and quantifying the amounts required, the release said. Bottom line: based on the release, investors have a leadership change at the top of Bausch + Lomb and a directional, unquantified signal on 2026 profitability, with the specifics deferred to the Oct. 28 third-quarter report.