BMS’s Caforio to retire as CEO

Chairman and CEO Giovanni Caforio will retire as CEO of  Bristol Myers Squibb Co. (NYSE:BMY) on Nov. 1 after leading the top oncology company by sales for the past eight years. Caforio, who will become executive chairman, will be succeeded by Chief Commercialization Officer Christopher Boerner, whom the company named EVP and COO. 

BMS has nearly tripled its revenue under the leadership of Caforio, who has advanced a pioneering immuno-oncology strategy set in motion before his arrival. Label expansions for Yervoy ipilimumab and Opdivo nivolumab, first FDA approved in 2011 and 2014, respectively, as well as BMS’s move into CAR T therapies and development of next-generation checkpoints came during his tenure. His signature deal was the $74 billion acquisition with Celgene Corp. in 2019, which sealed BMS’s position as the top oncology company, finishing 2022 with $28 billion in oncology sales. ...