Bristol Myers CEO Caforio to step down

Bristol Myers Squibb Announces CEO Transition

In a recent announcement, Bristol Myers Squibb Co revealed that CEO Giovanni Caforio will be stepping down in November and will be succeeded by Chief Commercialization Officer Christopher Boerner. Boerner, who has been with the company since 2015 and has served in leadership roles at Seattle Genetics Inc and Roche’s Genentech, was named chief operating officer until he takes over as CEO.

Under Caforio’s leadership, Bristol Myers Squibb acquired Celgene for $74 billion in 2019, which helped boost its revenue as sales of its top-selling cancer drug Opdivo slowed due to competition from Merck & Co Inc’s Keytruda. Despite this, Caforio believes it is the right time for him to step back and spend time with his family in Europe. He will remain as executive chairman of the company’s board.

Boerner expressed his alignment with Caforio on the direction for the company and stated that they will continue to work together to deliver value. Bristol Myers Squibb also named Adam Lenkowsky as chief commercialization officer, replacing Boerner.

The company is set to report its first-quarter financial results on Thursday, and its shares rose 0.39% to $68.29 in after-hours trading.

*As an Amazon Associate I earn from qualifying purchases