Bristol-Myers Squibb has announced several leadership changes approved by its board of directors and effective at the close of its annual shareholders' meeting on May 5, 2015. Chief among them is that Giovanni Caforio, MD, now chief operating officer, will become chief executive officer (CEO) of the company, and Lamberto Andreotti, now CEO, will become executive chairman of the board of directors on May 5 and will continue to serve as chairman after his retirement on August 3, 2015.

Also, James M. Cornelius has chosen not to stand for re-election as non-executive chairman and will retire from the board, and Togo D. West, Jr. will become the lead independent director on the company's board.

Caforio brings a broad range of experience to his role as CEO. He helped build the company's leadership in immuno-oncology through his roles in US and Global Oncology. As chief commercial officer and chief operating officer, he led the transformation of the company's global commercial organization. As a member of the company's senior management team since 2011 and the company's board of directors since 2014, Caforio has been integral in shaping the company's transformation to a diversified specialty biopharma company. A trained physician, Caforio began his career in medical affairs at Abbott Laboratories. He joined Bristol-Myers Squibb in 2000 as vice president and general manager, Italy. Caforio earned his MD from the University of Rome prior to joining the pharmaceutical industry.

Andreotti joined Bristol-Myers Squibb in 1998 as vice president and general manager, Italy and European Oncology. He held a number of roles of increasing responsibility and was elected to the board of directors in March 2009. He became CEO in May 2010. He also sits on the board of directors of E. I. du Pont de Nemours and Company.

Cornelius has been non-executive chairman since May 2010. He served as chairman and chief executive officer from February 2008 to May 2010 and served as chief executive officer from September 2006 to February 2008. Cornelius is the non-executive chairman of the board of directors of Mead Johnson Nutrition Company.

Source: Bristol-Myers Squibb