Bristol-Myers Names CEO Giovanni Caforio as New Chairman
December 21 2016 - 9:18AM
Dow Jones News
By Anne Steele
Bristol-Myers Squibb Co. on Wednesday said Chief Executive
Giovanni Caforio will add the chairman title this spring,
succeeding Lamberto Andreotti, who will retire.
The switch, which will be effective at the May 2 shareholder
meeting, marks the final exit of one of the leaders who helped
transform the pharmaceutical company into an immunotherapy
pioneer.
Dr. Caforio, 51 years old, took the helm from Mr. Andreotti, 66,
who had been CEO for five years, in May 2015.
Mr. Andreotti led Bristol's move into immunotherapies, starting
with its $2.4 billion purchase of Medarex and then winning
approval, in 2011, of skin-cancer immunotherapy Yervoy. Opdivo, a
second immunotherapy, was initially approved to treat melanoma in
2014 and has since been expanded to treat patients whose lung
cancer worsened after trying chemotherapy, as well as patients with
kidney cancer and a type of lymphoma.
A trained physician, Dr. Caforio joined Bristol in 2000 as
general manager of its Italy business and rose through the
company's ranks, in part by leading commercialization of the two
cancer drugs.
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
December 21, 2016 10:03 ET (15:03 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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