Summary
Bristol-Myers Squibb Company (BMY) announced on July 29, 2020, that its Board of Directors has elected Ms. Paula A. Price and Mr. Derica W. Rice as new independent directors, effective September 1, 2020. This election will increase the size of the Board to fourteen members. Both Ms. Price and Mr. Rice bring extensive financial and operational expertise to the company. Ms. Price, a former CFO of Macy's and with a background in academia and various senior finance roles at major corporations, is a CPA and currently serves on the boards of Accenture and Western Digital. Mr. Rice, previously EVP at CVS Health and CFO at Eli Lilly, has a strong track record in finance, operations, and driving innovation, and currently sits on The Walt Disney Company's Board.
Key Highlights
- 1Appointment of two new independent directors, Ms. Paula A. Price and Mr. Derica W. Rice, effective September 1, 2020.
- 2Board size increased from thirteen to fourteen members to accommodate the new directors.
- 3Ms. Price brings significant financial and operational experience, including past roles as CFO of Macy's and lecturing at Harvard Business School.
- 4Mr. Rice has extensive experience in finance and operations, notably as EVP of CVS Health and former CFO of Eli Lilly.
- 5Both new directors are deemed independent under NYSE and company standards.
- 6Standard compensation for non-employee directors will be provided to Ms. Price and Mr. Rice, including a $100,000 annual retainer and a $185,000 annual deferred share unit award.
- 7No undisclosed arrangements, understandings, or related party transactions exist with the new directors.