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Saunders will join Bausch + Lomb on Feb. 16 in an advisory capacity to help with the transition, the company said.
He will take helm on March 6 from Joseph Papa, who last July announced plans to step down as CEO.
The Vaughan, Ontario-based firm said in December that Papa will continue serving as the CEO until at least March 4, 2023.
Bausch + Lomb is in the process of being spun out from Bausch Health Companies, which was formerly known as Valeant Pharmaceuticals (NYSE:BHC).
Saunders has served as the CEO of Botox maker Allergan, until it was acquired by AbbVie Inc (NYSE:ABBV) for $63 billion in 2020, and previously headed Bausch + Lomb until its acquisition by erstwhile Valeant in 2013.
