Bristol Myers Squibb Co. Chief Executive Officer Giovanni Caforio will retire in November and be replaced by Chief Commercial Officer Christopher Boerner, the company said.
(Bloomberg) — Bristol Myers Squibb Co. Chief Executive Officer Giovanni Caforio will retire in November and be replaced by Chief Commercial Officer Christopher Boerner, the company said.
Boerner will become chief operating officer immediately before taking the post, Bristol said in a statement Wednesday. Adam Lenkowsky, head of major markets, will take Boerner’s place.
Caforio will continue to serve as executive chairman for a transition period to be determined by the board. He has served as CEO for nearly eight years, during which time Bristol has tripled its revenue, the company said.
Caforio, 58, told Bloomberg News he’s leaving for family reasons.
Bristol, like several large pharmaceutical companies, is facing the loss of patent exclusivity for key drugs, and investors are focusing on new product launches to see how quickly they can help offset losses.
“I am confident the team will capitalize on our significant growth opportunities under Chris’s leadership,” Caforio said in the statement.
Bristol shares were unchanged at $68.02 in after-hours trading Wednesday. The stock is down 5.5% this year, compared with a 5.6% rise for the S&P 500 Index.
Since Caforio took over as CEO in May 2015, Bristol is up just 4.1%, while the S&P 500 has risen 92%.
(Updates with comment from Caforio in fourth paragraph.)
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