Bausch + Lomb CEO Joseph Papa announced Wednesday morning that he intends to step down as CEO. The company has begun its search for his replacement

Papa, who has served as CEO since 2016, also stepped down as chair of the Board of Directors and was replaced by Thomas Ross, Sr.

“Joe was faced with numerous challenges when he joined Bausch Health in 2016 and under his leadership key matters, including reduction of debt burdens, settlement of legacy legal matters, investment in R&D and new launches, have allowed the company to complete its IPO earlier this year,” Ross said in a statement.

Bausch + Lomb also affirmed its full-year guidance for 2022 as well as its commitment to completing its spinoff from Bausch Health Companies.