UPDATE 1-TLC Vision says James Wachtman to resign as CEO

April 23 (Reuters) - Canada's TLC Vision Corp (TLCV.O) (TLC.TO) said its Chief Executive Officer James Wachtman will resign from the company and its board in order to pursue other interests.

TLC Vision said it has appointed James Tiffany, president of Sightpath Medical, as president and chief operating officer, effective immediately.

In addition, the company said it has created the position of chief restructuring officer and Michael Gries, a principal of Conway, Del Genio, Gries & Co. LLC, has accepted the position.

TLC Vision had earlier said it secured a limited waiver on its outstanding credit facility till May 31 for defaults and sets certain benchmarks and milestones, after its auditors had cast doubts on the company's ability to continue as a going concern.

As of Dec. 31, 2008, the amount outstanding on the credit facility was $82.7 million, the provider of laser vision-correction services had said.

TLC Vision shares, which have gained more than 20 percent of their value in the last one month, were trading up 20 Canadian cents at C$0.180 on the Toronto Stock Exchange. (Reporting by Krishna Chaithanya in Bangalore; Editing by Jarshad Kakkrakandy)