By Josh Beckerman
Bristol-Myers Squibb Co. said Giovanni Caforio will succeed
Lamberto Andreotti as chief executive in May.
Mr. Andreotti, 64, will become executive chairman in May and
will remain chairman after his retirement in August.
Mr. Caforio, 50, joined the company in 2000 and was named chief
operating officer last year.
The drug company's current chairman, James M. Cornelius, 71, has
chosen not to stand for re-election to the board, the company
said.
Mr. Andreotti joined the company in 1998 and became CEO in 2010.
Mr. Cornelius joined the board in 2005 and is also a former
Bristol-Myers CEO.
Bristol has undergone a dramatic makeover in recent years,
shedding businesses that didn't sell prescription drugs and
narrowing its pharmaceuticals focus to a few diseases, particularly
cancer.
Last week, the company said a late-stage study of its
immunotherapy drug Opdivo in lung cancer was ended early because of
the treatment's success, lifting shares of the company.
Opdivo, or nivolumab, targets a protein called PD-1, a molecular
brake that prevents the immune system from seeing tumors as
invaders and enables cancer to avoid attack.
Write to Josh Beckerman at josh.beckerman@wsj.com
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