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news.Bristol-Myers Squibb has announced that its CEO, Peter Dolan, has stepped down effective immediately following an inquiry into issues related to the company's corporate governance.
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The board has appointed James Cornelius, chairman of Guidant Corporation, to act as interim CEO, while Mr Dolan has agreed to stay on as an adviser. Senior vice president and general counsel Richard Willard has also left the company.
The company said that the dismissals were on the recommendation of a special government monitor, Judge Frederick Lacey. Judge Lacey's recommendation followed an inquiry into the negotiation of a settlement agreement of the pending Plavix patent litigation with Apotex.
Under Mr Dolan's tenure as CEO, the company has undergone an accounting scandal, was criticized for overpaying in a deal with biotech company ImClone Systems and was hit by earlier than expected competition for its top-selling Plavix drug. During this period the company's market capitaliztion has halved.