Dive Brief:
- Bristol-Myers Squibb announced on Tuesday that current CEO Lamberto Andreotti will step down from his position effective May 5 to become the new executive chairman of the board of directors.
- BMS COO Giovanni Caforio will become the new CEO in May.
- In a release, the company also announced that non-executive chairman James Cornelius will retire from the board and that Togo West will become the new lead independent BMS board director.
Dive Insight:
The changes will take effect at the close of BMS's annual shareholder meeting on May 5, according to the company's statement. Andreotti said that he has a "high level of confidence" in Caforio's ability to carry out his new role as chief executive.
Caforio has an MD and reportedly played a strong role in building BMS's immuno-oncology leadership. He launched his time in pharma at Abbott Labs before joining BMS as a VP and general manager in Italy in 2000.
"I am honored to have the privilege to lead this great company,” said Caforio in a statement. “Lamberto has led the successful transformation of BMS from a broad-based health care company to a Diversified Specialty BioPharma leader with his passion for our business, our people and, most importantly, our patients."
"I look forward to working with our very talented team of people at BMS to build on what we’ve accomplished, to deliver on the promise of our innovative portfolio and to continue to make a real difference for our patients."
