LCA-Vision's former CEO asks shareholders to support committee's attempt at change

By Lisa Kerner

Charlotte, N.C., Dec. 17 - The LCA-Vision Full Value Committee asked fellow LCA-Vision, Inc. shareholders to support its attempt to "save the company and maximize stockholder value," which could include replacing the company's current board of directors.

Company founder and former chief executive officer Stephen Joffe, former chief operating officer Craig Joffe and former executive vice president of finance Alan Buckey comprise the committee.

The committee sent a lengthy letter to shareholders on Dec. 17 outlining the "dramatic decline" in LCA-Vision's operating and stock performance.

According to the committee, LCA-Vision's shares have declined 90% since Steve Straus was name CEO in November 2006.

The committee blames the company's performance on "a lack of strategic direction, poor decision making, and poor execution by the LCA-Vision board and executive management team," the letter said.

LCA-Vision's board recently called an attempt by the Joffes and Buckey to regain board seats and management positions "disingenuous" and their letter-writing campaign a "distraction."

According to LCA-Vision, the trio abandoned the company to pursue other interests.

It was previously reported that LCA-Vision's board said it won't respond to the committee's letters individually "as they tend to repeat certain themes with which we don't agree."

LCA-Vision is a Cincinnati-based laser vision correction services company.

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