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Corporate Counter-Coup.

Corporate Counter-Coup

Thomas Waggoner, the exiled CEO of Staar Surgical Co. in Monrovia, Calif., suffered through the indignation of a palace revolt during 1989, but the Bentonville native is not abdicating his leadership role without a fight.

For the time-being though, Waggoner has been effectively ousted from control of the company he co-founded following a boardroom putsch led by two officers/directors who opposed Waggoner's plans to relocate the company and consolidate its holdings.

Waggoner fired the board of directors and in return was fired by them in an ultimate dispute over authority. The power struggle caught the attention of the national business press when Waggoner was forced from his office and onto the corporate grounds, where he continued to conduct business linked to the company with a 75-foot telephone cord.

The internal strife, which spilled over into the courts briefly, also succeeded in spooking two merger candidates that had been promoted by the opposing factions to help correct the company's financial problems.

Waggoner, a major stockholder, is looking forward to a March 15 shareholders meeting when he hopes to regain his Staar status in one final showdown.
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Title Annotation:Venture; Staar Surgical Co.
Publication:Arkansas Business
Article Type:company profile
Date:Feb 12, 1990
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