Bristol Myers Squibb CEO voted out

The chief executive of Bristol-Myers Squibb has been forced out amid controversy over the company’s handling of the generic Plavix case, which also involved Sanofi-Aventis.

Peter R Dolan has left the company with immediate effect after a former federal judge and monitor on behalf of the company’s deferred prosecution agreement with the US attorney made recommendations regarding corporate governance at Bristol-Myers Squibb. This resulted in the termination of Mr Dolan’s employment with the company, although he will still advise the firm on appointments to be his successor.

In the meantime, James M Cornelius, a company director, will act as interim chief executive officer.

James D Robinson III, chairman of Bristol-Myers Squibb’s board, remarked: “I also want to express my deep appreciation and respect for Peter for his unyielding commitment to our company’s mission, values and purpose.”

He added that Mr Dolan’s tenure had seen “many impressive achievements” as well as putting the company “squarely” on a path to future prosperity.

Bristol-Myers Squibb has stressed that there is no suggestion that the company or any of its employees acted unlawfully in relation to the Plavix case.

Both Bristol-Myers Squibb and Sanofi-Aventis recently admitted that the generic Plavix case could have an effect on the companies’ earnings for the year.