LCA-Vision Chairman Loses Job

Stephen Joffe, founder of LCA-Vision Inc., lost his job as chairman because he invested in a rival company, the Wall Street Journal reported Wednesday.

Joffe and his foundation bought a 7.7 percent stake in TLC Vision Corp. (NASDAQ: TLCV), for $26.7 million in February. The eye services company, headquartered in Mississauga, Ontario, operates 73 laser eye surgery centers in the United States, five in Canada and one in Europe. LCA-Vision (NASDAQ: LCAV) operates about 50 laser eye surgery centers in the United States, and has a joint venture in Canada.

The disclosure of the purchase in a Securities and Exchange Commission filing apparently surprised both LCA-Vision's board of directors and Joffe's son, Craig Joffe, who had just taken over as interim CEO of the Kenwood-based company, the Wall Street Journal said.

A spokeswoman for the company told the newspaper that the board then stripped Stephen Joffe of his job as chairman. Joffe had previously stepped down from his post as CEO because he wanted to pursue other interests and the board wanted to separate the CEO and chairman jobs, according to the story.

LCA-Vision announced March 17 that it had chosen E. Anthony Woods, a longtime health care executive and two-year LCA director, to serve as chairman.

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