Bausch + Lomb said on Monday that CEO Brent Saunders will leave the eye-care company by mutual agreement with its board, Reuters and Vision Monday reported.

The company did not give a reason for his departure, both outlets reported. Its U.S.-listed shares fell more than 7% after the news, Reuters reported.

Chairman Thomas Appio was named interim CEO, effective immediately, both outlets reported. He will keep his job as CEO of Bausch Health, the parent company. Reuters said Bausch Health owns about 87% of Bausch + Lomb.

"The opportunity to lead Bausch + Lomb is both a privilege and a responsibility that I embrace with great enthusiasm," Appio said, according to Vision Monday.

Saunders returned to lead Bausch + Lomb in 2023. He had also run the company from 2010 to 2013, both outlets reported. Before his return, he led Allergan until its $63 billion sale to AbbVie in 2020, Reuters reported.

"Today, it is stronger, more focused and better positioned for the future," Saunders said of the company, according to Vision Monday.

Citi analysts called the timing "sudden," but said Appio's past roles at the company leave him well placed to lead it, Reuters reported. Appio first joined Bausch + Lomb in 2010 to run its business in China, Vision Monday reported.

Bausch Health spun off Bausch + Lomb as a public company in 2022 but kept control, Reuters reported. Talks on a possible sale of the company ended without a deal in 2025, both outlets reported.

The two companies also said they expect to raise their 2026 forecasts for adjusted EBITDA, a profit measure, based on early third-quarter results. Full results are due Oct. 28, Vision Monday reported.

What we know: Saunders is out as CEO, and Appio is leading the company for now.
What we don't: Why Saunders left and who will take the job for good.