8-KLeadership ChangesExhibits & Filings

BRISTOL MYERS SQUIBB CO 8-K Report, Executive Changes (Apr 8, 2013)

Filed April 8, 2013For Securities:BMYCELG-RIBMYMP

Summary

Bristol-Myers Squibb Company (BMY) has filed an 8-K report on April 8, 2013, detailing a significant executive transition. Elliott Sigal, Executive Vice President and Chief Scientific Officer, announced his retirement effective June 30, 2013. This departure marks the end of an era for the company's scientific leadership. In a planned succession, Francis Cuss, currently Senior Vice President of Research, has been appointed as the new Executive Vice President and Chief Scientific Officer, effective July 1, 2013. Dr. Cuss, with a strong track record within the company since 2003, will assume leadership of the company's scientific endeavors. The report also outlines Dr. Cuss's compensation package for his new role, which includes a competitive base salary, performance-based incentives, and long-term equity awards, reflecting the company's commitment to retaining and incentivizing key scientific talent.

Key Highlights

  • 1Retirement of Elliott Sigal as Executive Vice President and Chief Scientific Officer, effective June 30, 2013.
  • 2Appointment of Francis Cuss as the new Executive Vice President and Chief Scientific Officer, effective July 1, 2013.
  • 3Dr. Cuss has a long tenure with Bristol-Myers Squibb, joining in 2003 and holding various senior research and discovery roles.
  • 4Dr. Cuss's compensation package includes an annual base salary of $875,000.
  • 5He is eligible for an annual discretionary incentive payout targeted at 100% of his base salary.
  • 6A long-term performance award valued at $500,000, with five-year vesting, is part of his new compensation.
  • 7Dr. Cuss will also participate in the standard annual long-term incentive award program.

Frequently Asked Questions

Elliott Sigal is retiring from his position as Executive Vice President and Chief Scientific Officer, as well as a member of the Board of Directors. His retirement is effective June 30, 2013.

Francis Cuss will be promoted to Executive Vice President and Chief Scientific Officer, effective July 1, 2013. He is currently the Senior Vice President of Research.

Dr. Cuss will receive an annual base salary of $875,000, an annual incentive payout targeted at 100% of his base salary, a $500,000 long-term performance award with five-year vesting, and participation in the company's standard long-term incentive award program. He will also be eligible for change-in-control and severance benefits.

The filing states that there are no arrangements or understandings between Dr. Cuss and any other persons regarding his selection as an officer, and no related party transactions between the Company and Dr. Cuss.