BMS' Cornelius to retire, Andreotti named CEO

When Bristol-Myers Squibb announced last year that it had named Lamberto Andreotti (photo) president and COO, there was speculation that the pharma company had chosen its next CEO. That speculation was proven correct late Tuesday when BMS revealed that Andreotti has been named the company's new chief executive officer. He will assume the role on May 4, when James Cornelius plans to retire. Cornelius will stay on as the board chairman.

"Jim successfully led our transformation into a next-generation BioPharma leader with his strategic leadership and consistent focus on delivering our commitments. I am personally grateful for this opportunity to lead Bristol-Myers Squibb in the next phase of our BioPharma journey," says Andreotti in a statement. "While challenges lie ahead, we are confident we can overcome them as we continue to successfully execute and deliver operationally, financially and strategically to maximize our future opportunities."

- here's the BMS release