Lamberto Andreotti has been designated the next chief executive officer of Bristol-Myers Squibb. On May 4, James M. Cornelius will retire from that role, but will retain his title of chairman. In March 2009, Mr. Andreotti was named president and chief operating officer and is responsible for the global pharmaceutical business.

Mr. Andreotti has been with BMS for 12 years in senior leadership roles, both internationally and in the U.S. Prior to joining the company, he held senior roles at KABI Pharmacia and then at Pharmacia & Upjohn.

Mr. Cornelius was named interim chief executive officer in September 2006, before taking on the role full-time in April 2007. He was elected chairman of BMS in February 2008 and also serves as the non-executive chairman of Mead Johnson Nutrition Company.

“Lamberto has demonstrated extraordinary leadership as president and chief operating officer and I believe he is the natural candidate to replace me as CEO. I have a high level of confidence in Lamberto and that is shared by everyone who has seen him consistently and successfully drive performance,” said Mr. Cornelius. “Lamberto’s deep knowledge and insight of the biopharma strategy make him the ideal leader as we transform into an industry benchmark. He has the full support of our leadership team and the board.”

“Jim successfully led our transformation into a next-generation biopharma leader with his strategic leadership and consistent focus on delivering our commitments. I am personally grateful for this opportunity to lead Bristol-Myers Squibb in the next phase of our journey,” said Mr. Andreotti. “While challenges lie ahead, we are confident we can overcome them as we continue to successfully execute and deliver operationally, financially and strategically to maximize our future opportunities. As we succeed, the ultimate beneficiaries are patients who we help prevail against serious diseases.”