Stake in rival costs exec his job

...After years of losses, it has grown explosively over the last two-and-a-half years as the corrective laser surgery has gained acceptance.Joffe, 63 years old, had been less involved in daily operations lately, Forsythe said.

Even after Stephen Joffe disclosed his TLC Vision stake and lost his title as chairman, Forsythe said, there was no animosity, and all members of management "still talk to Steve.""Steve has emphasized to us - the employees - that he wouldn't do anything to harm the company," she said.Stephen Joffe remains a member of the company's board.

Asked whether his father will remain on the board, Craig Joffe said, "That is an issue that is being discussed between him and the board of directors of the company."Stephen Joffe's lawyer, Art Gormley, said, "It's an interesting situation, I'll give you that," but Gormley said he and his client would have no further comment.Stephen Joffe said in his SEC filing that he had bought the TLC Vision shares because they represented "an attractive investment opportunity." TLC Vision spokeswoman Anna Austin said: "Certainly the TLC management and board would agree with that." She said, however, that company officials haven't spoken with Stephen Joffe.Maxim Group analyst Anthony Vendetti said he was "definitely surprised" that Stephen Joffe would invest in a competitor."I can tell you every investor I talked to saw a problem with it," he said.

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