8-KLeadership ChangesExhibits & Filings

BRISTOL MYERS SQUIBB CO 8-K Report, Executive Changes (Dec 18, 2009)

Filed December 18, 2009For Securities:BMYCELG-RIBMYMP

Summary

Bristol-Myers Squibb Company (BMY) filed an 8-K report on December 17, 2009, primarily announcing changes in its senior executive leadership. Jean-Marc Huet, the Executive Vice President and Chief Financial Officer, will be resigning from his position effective December 31, 2009. This marks a significant transition in the company's financial leadership. In connection with Mr. Huet's departure, Charles A. Bancroft has been appointed as the Acting Chief Financial Officer, effective January 1, 2010. Mr. Bancroft has a long tenure with the company, having served in various senior finance roles for 25 years, most recently as Vice President, Finance for the worldwide pharmaceuticals group. His appointment to this critical role is effective with the new year, and his compensation package includes a base salary of $500,000, eligibility for incentive bonuses, and participation in long-term incentive awards and change-in-control benefits.

Key Highlights

  • 1Jean-Marc Huet, Executive Vice President and CFO, to resign effective December 31, 2009.
  • 2Charles A. Bancroft appointed Acting Chief Financial Officer, effective January 1, 2010.
  • 3Mr. Bancroft is a 25-year veteran of Bristol-Myers Squibb, holding several senior finance positions.
  • 4Mr. Bancroft will join the Company's Management Council, the senior leadership team.
  • 5Acting CFO Charles A. Bancroft's compensation package includes a $500,000 base salary.
  • 6Mr. Bancroft is eligible for an annual incentive bonus targeted at 80% of base salary.
  • 7Standard long-term incentive awards, including restricted stock units and performance shares, will be part of Mr. Bancroft's compensation.

Frequently Asked Questions

The 8-K filing does not provide specific reasons for Jean-Marc Huet's departure as Executive Vice President and Chief Financial Officer. It only states that he will resign effective December 31, 2009.

Charles A. Bancroft has been appointed as the Acting Chief Financial Officer, effective January 1, 2010. Mr. Bancroft has been with Bristol-Myers Squibb for 25 years and has held various senior finance roles, most recently as Vice President, Finance for the worldwide pharmaceuticals group.

Charles A. Bancroft's compensation package includes an annual base salary of $500,000, an annual discretionary incentive payment with a target of 80% of base salary, participation in the standard annual long-term incentive award program (restricted stock units and performance shares), and change-in-control benefits similar to other Named Executive Officers.

The filing states Mr. Bancroft has been appointed as 'Acting' Chief Financial Officer. While he is joining the senior leadership team, the term 'acting' suggests this may be a temporary or interim appointment, and a permanent successor may be sought later.