Bristol-Myers Squibb Co. has made several leadership changes, effective at the close of the annual Shareholders’ Meeting on May 5. Giovanni Caforio, M.D., has been named chief executive officer; Lamberto Andreotti will serve as executive chairman of the board and will continue to serve as chairman after his retirement on August 3. Also, James M. Cornelius has chosen not to stand for re-election as non-executive chairman and will retire from the board. Togo D. West, Jr. will become the lead independent director on the company’s board.
 
“I want to thank Jim Cornelius for his many years at BMS,” Mr. Andreotti said. “Through his leadership and strategic vision, Jim oversaw the successful transformation of our company. As CEO of Bristol-Myers Squibb, I am grateful to have had his guidance as a mentor and a friend.”
 
“I also want to express my excitement that Giovanni has been appointed to succeed me as CEO,” Mr. Andreotti said. “I have a high level of confidence in Giovanni that is shared by everyone who has seen him consistently and successfully drive performance. He has an unmatched breadth and depth of experience. From his start in a medical role to his experience as a general manager to his roles as chief commercial officer and chief operating officer, Giovanni has demonstrated a unique ability to work across the organization to bring innovative medicines to patients.”
 
Dr. Caforio has a broad range of experience and has made significant contributions to improving the company’s strategic focus and operational performance. He helped build the company’s immuno-oncology portfolio and as chief commercial officer and chief operating officer, led the transformation of the company’s global commercial organization designed to invest in the most important opportunities. As a member of the company’s senior management team and board of directors, Mr. Caforio has been integral in shaping the company’s transformation to a diversified specialty biopharma company.  
 
Mr. Andreotti joined the company in 1998 as vice president and general manager, Italy and European Oncology, and held a number of roles of increasing responsibility until he became CEO in May 2010.
 
Mr. Cornelius has been non-executive chairman since May 2010. He served as chairman and chief executive officer from February 2008 to May 2010 and as chief executive officer from September 2006 to February 2008.