8-KLeadership ChangesExhibits & Filings

BRISTOL MYERS SQUIBB CO 8-K Report, Executive Changes (Jun 20, 2016)

Filed June 20, 2016For Securities:BMYCELG-RIBMYMP

Summary

Bristol-Myers Squibb (BMY) announced a key executive promotion effective June 21, 2016. Murdo Gordon, previously Senior Vice President and Head of Worldwide Markets, has been appointed to the newly created position of Executive Vice President and Chief Commercial Officer. This move signifies a strategic elevation of commercial leadership within the company, with Mr. Gordon's extensive experience in various commercial roles across different therapeutic areas and geographies likely to drive BMY's market strategies forward. Mr. Gordon's new role comes with a compensation package that includes a base salary of $786,500, an annual target incentive of 100% of base salary tied to performance goals, and participation in long-term incentive programs. He will also be eligible for change-in-control and severance benefits consistent with other senior executives. This appointment and its associated compensation reflect the company's commitment to retaining and incentivizing its top commercial talent to achieve strategic objectives.

Key Highlights

  • 1Murdo Gordon appointed Executive Vice President and Chief Commercial Officer, a new role, effective June 21, 2016.
  • 2Mr. Gordon has a long tenure with BMY (since 1989) and diverse commercial leadership experience.
  • 3The new position is a significant promotion, indicating increased responsibility in commercial operations.
  • 4Annual base salary for the new role will be $786,500.
  • 5Performance-based incentives include a target opportunity of 100% of base salary.
  • 6Eligibility for long-term incentive awards (performance share units, market share units) under the 2012 Stock Award and Incentive Plan.
  • 7Entitled to change-in-control and severance benefits under standard executive terms.

Frequently Asked Questions

The appointment of Murdo Gordon to the newly created role of Executive Vice President and Chief Commercial Officer signals a strategic emphasis on commercial leadership for Bristol-Myers Squibb. His extensive experience within the company across various markets and therapeutic areas suggests a focus on driving sales, market access, and overall commercial strategy.

Mr. Gordon will receive an annual base salary of $786,500. He is also eligible for an annual target incentive award of 100% of his base salary, contingent on achieving pre-established performance goals. Additionally, he will participate in the company's long-term incentive program, including performance and market share units, and will receive change-in-control and severance benefits.

Yes, Mr. Gordon has a long history with Bristol-Myers Squibb, joining in 1989. He has held progressively responsible positions in sales and marketing, including senior commercial leadership roles in cardiovascular, neuroscience, and market access. He also served as President of U.S. operations from 2013 to 2015, demonstrating a strong track record in commercial execution.

The filing explicitly states that there are no arrangements or understandings between Mr. Gordon and any other persons pursuant to which he was selected for this role. Furthermore, there are no related party transactions between the Company and Mr. Gordon mentioned in the filing.