Visx Names President as CEO

Visx Inc., a leading maker of lasers used in vision-correction surgery, said Tuesday that it named company President Elizabeth Davila to replace Chief Executive Mark Logan.

Logan will remain chairman of the board until the next annual meeting, scheduled for May 1.

Financier Carl Icahn, who has a 9.9% stake in the company, called for Visx to sell itself to a larger company during October discussions with Davila. Icahn has said he plans a proxy fight to seize control of Visx’s board.

“Icahn intends to nominate six directors, and he’s definitely seeking a change in management,” UBS Warburg analyst Charles Olsziewski said.

Shares of Santa Clara, Calif.-based Visx have fallen 85% from a high of $103.75 on July 28, 1999. The company last year hired Goldman, Sachs & Co. to advise it on a possible sale or other means of boosting its stock price.

Icahn has yet to file a formal proxy to nominate a slate of directors, Davila said.

“This is just part of the continuing evolution of Visx,” Davila said. There was no indication that Icahn was seeking a change in top management, she said.

Davila said she hadn’t spoken with Icahn since October.

Davila joined Visx in 1995 as executive vice president and chief operating officer. She was promoted to president two years ago. Logan, who has been with Visx since 1994, said in a statement that he wanted to pursue other professional and personal interests.

The announcement was made after the close of U.S. markets. Shares of Visx rose 16 cents to close at $15.90 on the New York Stock Exchange.