Bristol Myers Squibb BMY has named Christopher Boerner as their new Chair of the Board of Directors and CEO. Boerner, who is set to take over as Chair in April 2024, will assume the role of CEO from November 1.
What Happened: The pharmaceutical giant announced on October 31 that Boerner was unanimously elected to succeed Giovanni Caforio, M.D., as Chair of the Board. Caforio will retire after 23 years of service to the company. Boerner, previously named Executive Vice President, Chief Operating Officer, and CEO-elect, will step into his new role as CEO from the start of November.
See Also: Bristol Myers Squibb Analysts Slash Their Forecasts Following Q3 Results
Both Boerner and Caforio expressed their gratitude for the opportunity to serve Bristol Myers Squibb. Theodore R. Samuels, Lead Independent Director of Bristol Myers Squibb, also praised Caforio’s successful eight-year tenure as CEO and expressed confidence in Boerner’s ability to lead the company into the future.
Why It Matters: This leadership change comes at a crucial time for Bristol Myers Squibb. The company had recently reported its third-quarter financial results for 2023, showing promising growth and potential.
Quarterly revenue came in at $11 billion with GAAP earnings per share of $0.93 and Non-GAAP EPS of $2.
The company’s U.S. revenues fell 4% to $7.6 billion in the third quarter mainly due to lower sales of Revlimid, which was attributed to generic erosion.
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