8-KLeadership ChangesExhibits & Filings

BRISTOL MYERS SQUIBB CO 8-K Report, Executive Changes (Mar 6, 2009)

Filed March 6, 2009For Securities:BMYCELG-RIBMYMP

Summary

Bristol-Myers Squibb Company (BMY) filed an 8-K report on March 6, 2009, detailing significant executive leadership changes. The most crucial update for investors is the appointment of Lamberto Andreotti as President and Chief Operating Officer, effective March 3, 2009. This promotion reflects Mr. Andreotti's extensive eleven-year tenure with the company and his prior experience in key operational and pharmaceutical leadership roles. Furthermore, Mr. Andreotti was elected as a member of the Board of Directors, with the board size increasing to eleven members. While Mr. Andreotti's compensation will align with the company's standard executive compensation program, he will not receive separate compensation for his director role. Investors should note that due to his employment with BMY, Mr. Andreotti is not considered independent under NYSE listing standards or the company's own policies. He is slated for stockholder election at the May 5, 2009 Annual Meeting.

Key Highlights

  • 1Lamberto Andreotti appointed President and Chief Operating Officer on March 3, 2009.
  • 2Mr. Andreotti also elected to the Board of Directors, increasing its size to eleven.
  • 3Mr. Andreotti has 11 years of experience with Bristol-Myers Squibb in various leadership positions.
  • 4His compensation will follow the standard executive compensation program.
  • 5Mr. Andreotti will not receive separate compensation for his role as a director.
  • 6Mr. Andreotti is not considered an independent director due to his employment with the company.
  • 7Mr. Andreotti's directorship is subject to stockholder approval at the May 5, 2009 Annual Meeting.

Frequently Asked Questions

This 8-K filing primarily announces the appointment of Lamberto Andreotti as President and Chief Operating Officer and his subsequent election to the Board of Directors.

Lamberto Andreotti has been with Bristol-Myers Squibb for eleven years and has held several senior leadership positions, including Executive Vice President and Chief Operating Officer, and Executive Vice President, Worldwide Pharmaceuticals.

Mr. Andreotti will receive compensation for his role as President and Chief Operating Officer in accordance with the company's standard executive compensation program. He will not receive separate compensation for his service as a director.

No, Mr. Andreotti is not considered independent under the New York Stock Exchange Listing Standards or the independence standards adopted by the Board of Directors due to his employment with the company.