The move comes about two weeks after the New York activist investor Carl Icahn disclosed a 7.8% stake in the Laval, Quebec, company.
Bret Icahn, who is Carl's son, and Steve Miller, both portfolio managers at Icahn Capital, will be appointed to committees, including those assisting with the potential spinoff of Bausch's eye-health business.
"Our new colleagues bring a wealth of transaction experience to our board, which will serve us well as we continue to execute on our strategic priorities, including our previously announced intention to spin off our leading eye health business," Bausch Chief Executive Joseph Papa said in a statement.
The two will become new independent directors effective in mid-March and they'll be on the slate for election to Bausch's board at the annual meeting on April 27.
Earlier this month, Icahn disclosed that he acquired 27.8 million shares of the pharmaceutical and medical-device maker.
That purchase, disclosed in a regulatory filing on Thursday, makes Icahn the largest shareholder of Bausch Health, with 7.83% of the company, according to FactSet data.
Separately, Bausch Health reported a fourth-quarter net loss of $153 million, or 43 cents a share, narrowed from a loss of $1.52 billion, or $4.30 a share, in the year-earlier period. Revenue eased 0.5% to $2.21 billion.
In August last year, Bausch said it planned to spin off its Bausch & Lomb eye-care division into a separate business.
Bausch Health said then that the new group, which will include its global vision care, surgical, consumer and ophthalmic prescription businesses, would likely be reported as a stand-alone division by the first quarter of this year.
It generated $4.9 billion of revenue during 2019, the company said.
Bausch Health shares at last check were down 0.9% to $31.30.