SANTA ANA, Calif.—Fifty members of Advanced Medical Optics’ (NYSE: EYE) senior management team voluntarily forfeited a total of nearly 800,000 stock options last month. Included were 289,200 options held by James Mazzo, the company’s chairman and chief executive officer.

According to a filing with the Securities and Exchange Commission, the action was taken to reduce future expenses associated with the initial grant of such options, “in light of the fact that these options may not deliver compensation to the executives that is equivalent to the expense of the grant,” and “to more efficiently utilize shares authorized under AMO’s equity compensation plans to meet the plans’ purposes to attract, motivate and retain key talent.”

Also at Advanced Medical Optics, Douglas Post, executive vice president and president of the company’s corneal refraction group since February 2007, entered into a one-year consultancy agreement with AMO as of Jan. 1, after leaving the company on a full-time basis, effective Dec. 31. As previously reported, Post’s position was eliminated as part of a workforce reduction announced Nov. 14.