Bristol-Myers Squibb has announced that Lamberto Andreotti will be its new chief executive.
The news comes after it was revealed that current CEO James M Cornelius, 66, will retire in May after running the firm for three-and-a-half years.
Lamberto Andreotti, 59, has been president and chief operating officer in charge of the global pharmaceutical business since March last year.
Mr Cornelius, who will remain company chairman at the board’s request, has now officially retired from four senior health company executive positions.
Andreotti will take the reins at a difficult time for healthcare in the US, with plans for a possible Government overhaul of the industry and an expected revenue dive as drugs such as blood thinner Plavix await losing their patent protection in 2012. However, he claimed that the firm was “well-positioned to overcome these challenges”.
Andreotti, who has been with Bristol-Myers for 12 years, previously worked for KABI Pharmacia.
Copyright Press Association 2010