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Posted 26 April, 2023

BRISTOL MYERS SQUIBB CO appointed Christopher Boerner, Ph.D. as new CEO

NYSE:BMY appointed new Chief Executive Officer Christopher Boerner, Ph.D. in a 8-K filed on 26 April, 2023.


  In addition, on April 21, 2023, the Board appointed Christopher Boerner, Ph.D., to serve as the Company's Chief Operating Officer, effective April 26, 2023, and as the Chief Executive Officer, effective November 1, 2023.  

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Overview of BRISTOL MYERS SQUIBB CO
Health Care/Life Sciences • Pharmaceuticals
Bristol Myers Squibb Co. engages in the discovery, development, licensing, manufacture, marketing, distribution, and sale of biopharmaceutical products. It offers small molecules, products produced from biological processes called biologics, and chimeric antigen receptor (CAR-T) cell therapies. The company was founded in August 1933 and is headquartered in Princeton, NJ.
Market Cap
$110B
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Relevant filing section
Item 5.02 
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers


(b)(c) On April 26, 2023, Bristol Myers Squibb Company (the "Company") announced that Giovanni Caforio, M.D., the Company's Chairman of the Board of Directors ("Board") and Chief Executive Officer, has decided to retire as Chief Executive Officer ("CEO") effective November 1, 2023. Dr. Caforio will continue to serve as Chairman of the Board until he retires as CEO on November 1, 2023, and after that will serve as Executive Chairman of the Board for a transition period to be determined by the Board. Theodore R. Samuels will continue to serve as Lead Independent Director.


In addition, on April 21, 2023, the Board appointed Christopher Boerner, Ph.D., to serve as the Company's Chief Operating Officer, effective April 26, 2023, and as the Chief Executive Officer, effective November 1, 2023. The Board also intends to appoint Dr. Boerner to the Board after the Annual Meeting.


Dr. Boerner, 52, has worked for the Company since 2015 in roles of increasing seniority. He served as the Company's Executive Vice President and Chief Commercialization Officer from August 2018 to April 2023. Dr. Boerner previously served as Head, International Markets from October 2017 to July 2018, and as President and Head of U.S. Commercial from February 2015 to September 2017.


Dr. Boerner was not selected as Chief Executive Officer pursuant to any arrangement or understanding between him and any other person. There are no related party transactions between the Company and Dr. Boerner and there are no family relationships between Dr. Boerner and any director or executive officer of the Company.


In connection with Dr. Boerner's promotion to the role of Chief Operating Officer, the Compensation and Management Development Committee (the "Committee") of the Board approved the following new compensation arrangements for Dr. Boerner effective April 26, 2023: (1) an increase in his annual base salary from $1,115,000 to $1,300,000 and (2) an increase in his annual target cash incentive opportunity from $1,115,000 to $1,560,000. Dr. Boerner's compensation for the role of Chief Executive Officer and any other related changes in his compensation arrangements required to be disclosed on Form 8-K will be disclosed promptly following approval by the Committee. The Board will determine Dr. Caforio's compensation arrangement as Executive Chairman at a later time.


A copy of the press release announcing the foregoing changes is attached to this report as Exhibit 99.1 and is incorporated by reference herein.