Joseph Papa stepping down from Bausch + Lomb, will remain CEO until successor found

Bausch + Lomb says Joseph Papa is stepping down as chief executive and chair of its board of directors.

The eye health company says Thomas Ross Sr. has been appointed chair, while Papa will remain as CEO and a member of the board until his successor is named.

Papa says he believes now is an appropriate time to transition leadership of the company.

The company noted that Papa's departure was not the result of any disagreement with the company.