Fred Hassan has been named chairman at Bausch & Lomb as the current chairman and chief executive, Gerald M. Ostrov, steps down. Brent Saunders will take over as CEO and will join the board, but Ostrov will stick around as a consultant for the company. Hassan was the chairman and CEO of Schering-Plough Corporation until it merged with Merck & Company last November. He is also currently an advisor to Warburg Pincus, the private equity investing group that is the majority owner of Bausch & Lomb. Saunders was the president of Schering-Plough's consumer health care unit.