Bristol-Myers Squibb elects new member of the board

Bristol-Myers Squibb has appointed Gerald Storch as the newest member of its board of directors, effective as of the beginning of this week.

Mr Storch, the chairman and chief executive officer of leading global toy retailer Toys 'R' Us, has joined the pharmaceutical company's audit committee and the compensation and management development committee.

Over the course of a long and successful career, the executive has been employed by many of the world's biggest companies, including the US retail chain Target and the financial advisory firm McKinsey and Company.

James Cornelius, chairman of Bristol-Myers Squibb, hailed Mr Storch for his extensive business experience, integrity and commitment to innovation.

Chief executive officer Lamberto Andreotti added: "We are thrilled to have a person of Jerry's calibre, an industry leader with an excellent track record of success in branding and positioning a global franchise for growth, on our board of directors."

Earlier this week, Bristol-Myers Squibb strengthened its future growth potential through the acquisition of the biopharmaceutical company Inhibitex.