The chair of Bausch Health (NYSE:BHC), Joe Papa, has resigned. The company has named the billionaire hedge fund manager John Paulson to assume the role.

In an announcement, Bausch Health noted that the decision for Papa to resign was “not due to any dispute or disagreement” with the company or board.

In May, Bausch Health spun out its eye care unit Bausch + Lomb Corp. (NYSE/TSX:BLCO). BHC stock has fallen steadily since, losing about half its value in the past two months.

“The Company and the Board of Directors would like to thank Mr. Papa for his leadership over the past six years. Joe oversaw significant change in the business during his tenure, and we appreciate his role in Bausch Health’s continued transformation,” said CEO Thomas J. Appio in a statement. “I am excited about the Company’s future and its potential to create shareholder value,” added John Paulson.

Because Paulson is an independent director, Bausch Health will no longer have a lead independent director position on its board.

Paulsen has served on the Bausch + Lomb board from June 2017 to May 2022.

Bausch Health had planned to spin off its Solta Medical aesthetics unit via an IPO but has changed its mind as the economy slows.

In the first quarter of 2022, Bausch reported $1.92 billion in revenue — a 5.4% dip year over year.