NEW YORK (CNNfn) - Eye care company Bausch & Lomb Inc. announced Tuesday that it has named its company chairman Willaim Waltrip as its new chief executive officer, following the resignation of William Carpenter.|
Waltrip, 63, took the chairman's title from Carpenter, 48, back in July and now adds the CEO title, on an interim basis, according to the company statement.
The Rochester, N.Y.-based company indicated that the board has commenced an external search for a new CEO, and it will not be the first time Waltrip has taken the top post.
He had served as the company's CEO in 1996.
Bausch & Lomb said Carpenter, who has been CEO since 1997, will step down from the top post immediately, citing personal reasons.
"I truly believe it is in both my and the company's best interest for me to resign at this time," said Carpenter. "So both of us can get on with what we need to do to ensure a prosperous and fulfilling future."
On June 13, Bausch & Lomb (BOL: up $1.34 to $37.71, Research, Estimates) warned investors that its revenue and earnings would fall below estimates. That was the fourth consecutive earnings revision from the company, Thomson Financial/First Call said in June.
Since June 12, the company's stock has slipped 17.8 percent. During that same period, the Standard & Poor's 500, fell 8.2 percent.
-- from staff and wire reports