Bristol-Myers Parts With CEO Dolan
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Bristol-Myers Squibb Co. (BMY) Chairman James Robinson suggested that ousted chief executive Peter Dolan had to be “held accountable” for his actions surrounding generic competition for the company’s heart drug Plavix, which led to Mr. Dolan’s departure Tuesday.
In a conference call with reporters late Tuesday, Mr. Robinson said the departures of Mr. Dolan and the company’s general counsel were involuntary, though he declined to use the term “fired.”
“The concern is the obvious one, that any CEO is held accountable for both the successes and the failures,” Mr. Robinson said. “If there are failures in execution that have caused a loss of confidence in the mind of investors, that is a relevant consideration.”
The drug company’s board announced Mr. Dolan was leaving effective immediately. Bristol-Myers named as interim CEO James Cornelius, a Bristol director. The board will search for a permanent CEO; Mr. Cornelius wouldn’t be a candidate.
