Bausch & Lomb performance incentives tied to ReNu recall
Bausch & Lomb Inc. revised its performance criteria in its 2006 incentive compensation plan to help motivate and retain key employees using sales and cash flow targets. The contact lens corporation said the move is designed to revitalize the company's performance after its permanent withdrawal of the ReNu with MoistureLoc contact lens solution from markets in May 2006.
Bausch & Lomb Inc. revised its performance criteria in its 2006 incentive compensation plan to help motivate and retain key employees using sales and cash flow targets. The contact lens corporation said the move is designed to revitalize the company's performance after its permanent withdrawal of the ReNu with MoistureLoc contact lens solution from markets in May 2006.
When the recall began Chief Executive Ronald Zarrela estimated that costs directly tied to the move could total between $50 million and $75 million. The company's shares, which traded at a 52-week high of $85.10 on July 29, 2005, lost more than half of their value by May 2006. On Monday, the shares closed at $47.30 each, down 53 cents.