Bristol-Myers Chief Steps Down: Tuesday's Corporate Bloodbath Continues


There will be no waiting till January for Bristol-Myers Squibb Chief Executive Officer Peter Dolan. He’s out immediately, replaced by outsider James Cornelius. Apparently there was no one at the company set to take over for the boss.
Dolan has been in trouble since his role, along with general counsel Richard Willard’s, in keeping off the market a generic version of the company’s heart pill Plavix came to light. Last night a court appointed monitor told the board that they should be dismissed since this scheme broke an earlier agreement with prosecutors that prevented the company from being prosecuted for accounting chicanery.
And now he’s gone. Except, like Patricia Dunn, he’s still kind of sticking around. As an advisor. You know, just in case anyone else comes up with a generic competitor to its drugs and the company needs another antitrust conspiracy to keep it out of pharmacies.
Bristol-Myers' Chief Dolan Resigns; Shares Rise [DealBreaker.Com]