{"id":381493,"date":"2010-03-02T17:55:09","date_gmt":"2010-03-02T22:55:09","guid":{"rendered":"http:\/\/blogs.wsj.com\/health\/2010\/03\/02\/bristol-myers-puts-andreotti-in-drivers-seat\/"},"modified":"2010-03-02T17:55:09","modified_gmt":"2010-03-02T22:55:09","slug":"bristol-myers-puts-andreotti-in-driver%e2%80%99s-seat","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/381493","title":{"rendered":"Bristol-Myers Puts Andreotti in Driver\u2019s Seat"},"content":{"rendered":"

\"andreotti\"It seemed like only a question of time, but Bristol-Myers Squibb said this afternoon<\/a> that Lamberto Andreotti, its president and chief operating officer since last March<\/a>, would succeed James M. Cornelius as CEO. <\/p>\n

Andreotti, a 12-year veteran of the company, is 59 years old and Cornelius is 66. Cornelius was tapped as Bristol-Myers CEO in 2006 (first on an interim basis) and then got the added job as chairman in 2008. Picking a successor was one of his key missions. <\/p>\n

Andreotti takes command after Bristol-Myers decided to sit out the wave of multibillion-dollar takeovers that saw big competitors Pfizer, Merck and Lilly get even bigger. Bristol-Myers instead has pursued smaller biotech deals and alliances as well as developing its own pipeline through what it called a “string of pearls” <\/a> strategy. The company also decided to shrink its non-core units with the split-off of its Mead Johnson<\/a> baby-formula business.<\/p>\n

Looking ahead, Bristol-Myers will have to cope with the loss of patent protection for money spinners like the company’s anticlotting pill Plavix, the world’s second best-selling drug after Pfizer’s Lipitor. The company has cut costs through layoffs, plant closures and wage freezes, Dow Jones Newswires<\/a> notes.<\/p>\n

Cornelius will remain as the drug maker’s chairman when the switch is made May 4. In 2008, his compensation topped $21 million<\/a>. <\/p>\n

Photo: Bristol-Myers Squibb via Bloomberg<\/em><\/p>\n

<\/img><\/a>
\n<\/img><\/a><\/p>\n

\n<\/img><\/a> <\/img><\/a> <\/img><\/a> <\/img><\/a> <\/img><\/a>\n<\/div>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

It seemed like only a question of time, but Bristol-Myers Squibb said this afternoon that Lamberto Andreotti, its president and chief operating officer since last March, would succeed James M. Cornelius as CEO. Andreotti, a 12-year veteran of the company, is 59 years old and Cornelius is 66. Cornelius was tapped as Bristol-Myers CEO in […]<\/p>\n","protected":false},"author":792,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-381493","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/381493","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/792"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=381493"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/381493\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=381493"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=381493"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=381493"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}