NEW YORK, April 26 /PRNewswire-FirstCall/ -- Bristol-Myers Squibb
Company (NYSE: BMY) today announced that James M. Cornelius, who has served
as interim chief executive for the past eight months, has been elected
chief executive officer with a term through the date of the company's
Annual Meeting of Stockholders in 2009.
Cornelius has been a member of the Bristol-Myers Squibb board since
January of 2005, previously serving as chairman and CEO of Guidant
Corporation, chief financial officer of Eli Lilly and Company, and
president and CEO of IVAC Corporation.
"As we conducted an extensive and thorough CEO search, it became
increasingly clear that Jim was the ideal person to continue leading our
company," said Bristol-Myers Squibb Chairman James D. Robinson III. "It was
obvious to the Board that his knowledge of the company and the dynamics
facing the industry today were vital to our future progress. He has done a
splendid job as CEO, and we couldn't be more pleased that he has agreed to
stay in this role."
Cornelius said he was excited and confident about the future for
Bristol-Myers Squibb. "Over the last eight months I've worked with an
outstanding team in the company to stabilize the organization, streamline
decision-making, and build and execute a 2007 operational plan that meets
or exceeds shareholder expectations. As our first quarter results
demonstrate, many of our key newer products continue on a solid growth
path, and our Plavix business is recovering. The Board and I now have
challenged our leaders to conduct a thorough strategic review of our
business with the aim of growing revenue, expanding margins and improving
cash flows. Our goal is to continue focusing on our mission of extending
and enhancing human life -- primarily by helping patients prevail over
serious disease -- while at the same time building shareholder value."
He added: "A key priority of mine will also be management development
and succession planning to ensure that the company continues to benefit
from strong and effective leadership."
Since September, Cornelius has overseen the first steps of a strategic
review of Bristol-Myers Squibb, including tightening fiscal controls,
enhancing the company's global reputation, and working with the board and
senior management to clearly identify the company's strengths in an
increasingly challenging healthcare environment.
In the past five months, Bristol-Myers Squibb has announced several
innovative partnerships designed to reduce costs and mitigate risks while
also enabling the company to advance its promising pipeline and prepare for
the next wave of new products. These collaborations include:
* an agreement with AstraZeneca to codevelop and co-commercialize two late
stage diabetes compounds;
* an agreement with Pfizer to codevelop and co-commercialize apixaban, a
novel anti-clotting agent;
* an agreement with Exelixis to discover and develop novel oncology
compounds;
* a collaboration with Biocon and Accenture to significantly expand the
company's research and development presence in India; and
* a licensing agreement for diabetes compound saxagliptin in Japan.
The company will continue to evaluate strategic alliances and
acquisitions to accelerate product development and sales growth.
In addition, the company continues to comply with the requirements of
the Deferred Prosecution Agreement (DPA) with the U.S. Attorney's Office in
New Jersey and expects the DPA will expire on June 15.
"Looking ahead, the changing healthcare landscape requires
Bristol-Myers Squibb to continue transforming itself," Robinson added.
"Jim's goal is to ensure that our company grows in areas where we have true
leadership and competitive advantage, as we continue to extend and enhance
human life, and help patients prevail over serious diseases."
Bristol-Myers Squibb is a global pharmaceutical and related healthcare
products company whose mission is to extend and enhance human life.
SOURCE Bristol-Myers Squibb Company
 back to top
Related links:
http://www.bms.com/
CONTACT:
Media: Tracy Furey, Communications,
+1-609-273-4697, tracy.furey@bms.com, or Tony Plohoros,
Communications, +1-212-546-4379, tony.plohoros@bms.com, or
Investors: John Elicker, Investor Relations, +1-212-546-3775,
john.elicker@bms.com, all of Bristol-Myers Squibb Company
|
