Two former top executives of drugmaker Schering-Plough Corp were named on Monday as new leaders of privately owned eye-care company Bausch & Lomb.

Former Schering-Plough Chief Executive Officer Fred Hassan will be chairman of Bausch's board, while Brent Saunders, who previously served as president of Schering-Plough's consumer healthcare unit under Hassan, will be Bausch's CEO.

Both appointments are effective immediately, said Bausch, which is majority-owned by Warburg Pincus.

Bausch's Chairman and CEO Gerald Ostrov is retiring and will serve as a consultant to the new leaders.

One of the drug industry's most prominent executives, Hassan left Schering after its acquisition by Merck & Co last year. He has served as senior adviser to Warburg Pincus since November.

(Reporting by Lewis Krauskopf, editing by Dave Zimmerman)