Bristol-Myers says Caforio to talk over as CEO, Cornelius retiring as chairman

MarketsAssociated Press

Drugmaker Bristol-Myers Squibb said Tuesday that has named its chief operation officer, Giovanni Caforio, as its new CEO.

He will take over after the company's annual shareholders' meeting on May 5, replacing current CEO, Lamberto Andreotti.

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Andreotti, 64, will become executive chairman of the company's board and stay on as non-executive chairman after he retires Aug. 3.

Current Chairman James Cornelius, 71, is retiring from the board, Bristol-Myers said. Cornelius was CEO of Bristol-Myers Squibb Co. from 2006 to 2010. He became chairman in 2008, moving to non-executive chairman in May 2010.

Andreotti, 64, became CEO of the company that month. Andreotti joined Bristol-Myers in 1998 and became a company director in 2009.

Caforio, 50, has worked for the New York drugmaker since 2000. He was named chief commercial officer in 2013 and chief operating officer in 2014.

Shares of Bristol-Myers Squibb rose 14 cents to $62.45 Tuesday. The stock is up 15 percent over the last 12 months.