8-KLeadership ChangesExhibits & Filings

BRISTOL MYERS SQUIBB CO 8-K Report, Executive Changes (Jun 20, 2013)

Filed June 20, 2013For Securities:BMYCELG-RIBMYMP

Summary

Bristol-Myers Squibb Company (BMY) announced on June 19, 2013, a significant addition to its Board of Directors with the election of Dinesh Paliwal. Effective July 1, 2013, Mr. Paliwal will join the Board and serve on the Committee on Directors and Corporate Governance. Mr. Paliwal brings extensive experience from his role as Chairman, CEO, and President of Harman International Industries, Incorporated. The Board has affirmed his independence according to NYSE and Company standards, indicating a strategic move to strengthen board oversight and expertise. This appointment is noteworthy for investors as it signals a potential focus on governance and strategic direction. Mr. Paliwal's compensation for his board service includes an annual retainer of $90,000 and a deferred share unit award valued at $160,000, reflecting the company's commitment to attracting experienced independent directors. The filing also confirms there are no related party transactions or prior arrangements with Mr. Paliwal, ensuring a clean and transparent addition to the board.

Key Highlights

  • 1Dinesh Paliwal elected to Bristol-Myers Squibb Board of Directors, effective July 1, 2013.
  • 2Mr. Paliwal is Chairman, CEO, and President of Harman International Industries, Incorporated.
  • 3The Board has determined Mr. Paliwal meets independence standards (NYSE and Company).
  • 4Mr. Paliwal will serve on the Committee on Directors and Corporate Governance.
  • 5Compensation for Mr. Paliwal includes a $90,000 annual retainer and a $160,000 annual deferred share unit award.
  • 6No prior arrangements or understandings between Mr. Paliwal and any other person regarding his directorship.
  • 7No related party transactions identified between the Company and Mr. Paliwal.

Frequently Asked Questions

Dinesh Paliwal has been appointed to the Board of Directors of Bristol-Myers Squibb Company, effective July 1, 2013. He is currently the Chairman, Chief Executive Officer, and President of Harman International Industries, Incorporated. His appointment is intended to bring valuable experience and strengthen the company's governance and strategic oversight, as he has been deemed independent by the Board.

Mr. Paliwal will receive compensation in line with the company's standard arrangements for non-employee directors. This includes an annual retainer of $90,000 and an annual award of deferred share units valued at $160,000 on the grant date. He will also receive a pro rata portion of the 2013 annual deferred share unit award upon joining the Board.

No, the filing explicitly states that Mr. Paliwal was not selected as a director pursuant to any arrangement or understanding with any other person, and there are no related party transactions between Bristol-Myers Squibb Company and Mr. Paliwal. His independence has also been confirmed.

Mr. Paliwal will serve as a member of the Committee on Directors and Corporate Governance.