Broadwood Partners seeks to remove three STAAR Surgical directors

Broadwood Partners announced it is working to call a special meeting of STAAR Surgical Company (NASDAQ: STAA) shareholders to remove three directors from the board. The investment firm, which owns 30.2% of STAAR's outstanding common stock, opposes the company's agreement to sell to Alcon Inc. (NYSE: ALC).

Broadwood seeks to remove Board Chair Elizabeth Yeu, CEO Stephen Farrell, and Compensation Committee Chair Arthur Butcher. The firm states these directors are responsible for what it characterizes as a flawed sale process to Alcon.

According to the press release, Broadwood claims Yeu has a close relationship with Alcon that was not disclosed to the full board or shareholders, and that she ignored interest from another prospective acquirer. The firm states Farrell, who has served as CEO for only a few months, stands to receive $24 million if the transaction closes.

Broadwood also targets Butcher for what it describes as excessive executive compensation packages. The firm claims the "golden parachute" compensation is nearly twice as high relative to equity value compared to the average in other M&A transactions in 2025.

Neal C. Bradsher, Founder and President of Broadwood, said the board "has demonstrated its lack of fidelity to the interests of shareholders" by pursuing the transaction despite opposition from shareholders and proxy advisory firms.

The special meeting to remove directors would be separate from STAAR's merger vote, which was originally scheduled for October 23, 2025 and has been postponed to December 19, 2025. Broadwood states it does not seek control of STAAR and believes board changes are needed to restore investor confidence.

The information is based on a press release statement from Broadwood Partners.

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