Bristol-Myers Squibb board has given acting chief financial officer Charles Bancroft the job officially, effective on Thursday, the drugmaker said.
Bancroft has been serving as acting CFO since Jan 1. He will report to Lamberto Andreotti, the company's chief operating officer who is set to become chief executive officer next month. Bancroft, who joined Bristol in 1984, replaced Jean-Marc Huet, who left Bristol for consumer goods group Unilever .
A former Bristol-Myers Squibb chief financial officer won a federal appeals court ruling on Wednesday narrowing the criminal fraud case brought against him by the U.S. Justice Department.
Bristol-Myers Squibb has named Chief Operating Officer Lamberto Andreotti as its chief executive, succeeding James Cornelius, who will step down May 4. Cornelius will remain as chairman, the U.S. drugmaker said. Cornelius took over the helm of the company in 2006 after longtime CEO Peter Dolan lost favor with Wall Street.
Andreotti, a 59-year-old Italian citizen, now faces the challenge of steering Bristol-Myers Squibb through the 2012 patent expiration of the blood clot preventer Plavix- the $8 billion-a-year drug it shares with French drugmaker Sanofi-Aventis.