Bristol-Myers Squibb announces senior management appointments

Bristol-Myers Squibb has announced a number of changes to its senior management team as part of the ongoing evolution of its business model.

Giovanni Caforio, the company's US president, has been promoted to the newly-created role of executive vice-president and chief commercial officer and will be tasked with leading all of its commercial units worldwide.

Meanwhile, executive vice-president and chief financial officer Charles Bancroft will take on an expanded role that includes the business development and strategy groups, in order to create an integrated approach to finance, business development and strategy.

Senior vice-president for US oncology Murdo Gordon will succeed Mr Caforio as US president, while executive vice-president for commercial operations Beatrice Cazala will also be transitioning to a new role soon.

Lamberto Andreotti, chief executive officer of Bristol-Myers Squibb, said: "I feel even more confident in the strength of my management team and our ability to take advantage of the most critical opportunities to build long-term sustainable growth."

Earlier this month, the firm announced a major change to its research and development strategy, increasing its focus on immuno-oncology while discontinuing its broad-based discovery work in hepatitis C, diabetes and neuroscience.