Cooper Cos. to Overhaul Board and Replace CEO

Dow Jones05:43

Cooper Cos. is overhauling its board and parting ways with Chief Executive Albert White III.

White is stepping down as CEO and board member, effective immediately, the contact-lens maker said on Tuesday, though he will stay on as a strategic adviser through April 1.

Independent director Walter Rosebrough, Jr., was appointed executive chair and will oversee the company's day-to-day operations until a permanent CEO is named.

"The company's recent performance has not met our expectations, and the board believes decisive action is needed to ensure the company reaches its long-term potential," Rosebrough said. "I will be working closely with the board and the management team on priorities that will strengthen the foundation for growth and value creation."

A search for a new CEO is ongoing, supported by the search firm Russell Reynolds, the company said.

Cooper Cos. is adding Shlomo Nachman, a former Johnson & Johnson executive, to the board. Three members, Barbara Carbone, Colleen Jay and Robert Weiss, won't stand for reelection at the company's shareholder meeting next year.

Cooper Cos. also reaffirmed its full-year guidance.

The Wall Street Journal reported last month that activist investor Jana Partners was pushing the company to replace White and consider a sale of its core business, citing insufficiently managed spending and underperformance.

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