Broadwood seeks to remove STAAR Surgical directors after vote delay

Broadwood Partners, which owns 27.5% of STAAR Surgical Company (NASDAQ: STAA), announced plans to seek removal of three board members following the postponement of a shareholder vote on the company's proposed sale to Alcon Inc. (NYSE: ALC).

The investment firm intends to call a special meeting to remove Board Chair Elizabeth Yeu, CEO Stephen Farrell, and Compensation Committee Chair Arthur Butcher from STAAR's board. Broadwood cited opposition to the postponement of what was scheduled as a final shareholder vote on the Alcon transaction.

"The decision to postpone a shareholder vote on the sale of STAAR to Alcon is the latest in a long string of bad decisions by this Board," said Neal Bradsher, Broadwood's founder and president, according to the company's statement.

Broadwood noted that STAAR's board had previously stated that "the ultimate decision rests in the hands of all STAAR stockholders" but then postponed the vote despite what Broadwood characterized as "overwhelming and public shareholder opposition to the deal."

The firm highlighted specific concerns about the directors it seeks to remove. Yeu previously worked as a consultant to Alcon, Farrell stands to receive $24 million from the proposed sale after five months as CEO, and Butcher approved executive compensation packages related to the transaction, according to Broadwood's statement.

Three major proxy advisory firms have opposed the proposed transaction between STAAR and Alcon, Broadwood noted. The investment firm has urged shareholders to vote against the deal and continues to oppose the proposed sale.

A special meeting regarding the Alcon transaction remains scheduled for October 23, 2025, while Broadwood's effort to remove board members would require a separate shareholder meeting.

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