Bausch Health Companies announced that Paul S. Herendeen will be succeeded as Chief Financial Officer (CFO) by Sam Eldessouky, senior vice president, controller and chief accounting officer of Bausch Health.
Mr. Herendeen is being appointed to the newly created role of Advisor to the chairman and chief executive officer (CEO) of Bausch Health, effective June 1, 2021, and will remain an executive vice president (EVP) and Section 16 officer of Bausch Health.
“Since joining the company in 2016, Paul has had a profound impact on Bausch Health,” Joseph C. Papa, chairman and CEO, Bausch Health, said in a company news release. “When Paul began his tenure as CFO, the company faced significant operating and financial challenges, the most pressing of which was a daunting amount of debt, much of which was maturing near-term. His disciplined financial approach and strong operational focus were invaluable to the company as he developed and executed a plan to reduce our debt and extend the length of our maturities, giving the businesses freedom to operate. I am grateful to Paul for all of his contributions as CFO, and I look forward to continuing to work with him in his new role.”
“It has been an honor to lead such a talented team at Bausch Health, particularly during the last year in which my colleagues displayed tremendous resilience as we navigated the unprecedented issues and challenges arising from the COVID-19 pandemic,” said Mr. Herendeen. “As I transition to a less operational, more strategic role at Bausch Health, I am delighted that Sam Eldessouky will assume the role of CFO. Together we accomplished a lot over these past four years, and I am confident there is no one better suited to serve as the next CFO of Bausch Health than Sam.”
Effective June 1, 2021, Mr. Eldessouky will assume the role of CFO and join the company’s executive committee. He will report directly to Mr. Papa.
“I am pleased to announce the promotion of Sam Eldessouky to chief financial officer of Bausch Health and welcome him to the executive team,” said Mr. Papa. “Sam has been a leading force in executing the planned spinoff of our eye health business with his unique wealth of knowledge having successfully spun out several companies in a prior position. Additionally, over the past five years, his deep financial knowledge and strategic vision have helped to establish efficient and effective global financial policies at Bausch Health. As we look toward the future of our organization, I am confident that Sam’s expertise and insights will play a crucial role in unlocking long-term value for our shareholders.”
A successor for Mr. Eldessouky in his current role as senior vice president, controller and chief accounting officer is under review by leadership and is expected to be announced shortly.
Update on Planned Spinoff of Bausch Health’s Leading Eye Health Business
As previously announced, Bausch Health intends to spin off its eye health business, Bausch + Lomb, into an independent publicly traded company. The company has continued to make progress on its plans to expedite the spinoff and will announce executive leadership when it reports its first-quarter 2021 financials in early May.