Drugmaker Bristol-Myers Squibb Co. says its chief executive will retire in May and be succeeded by the current chief financial officer.
The present CEO, James M. Cornelius, will remain as chairman at the request of the company's board.
The board chose 59-year-old Lamberto Andreotti to take over from Cornelius as the CEO.
In addition to his chief financial officer post, Andreotti was named president and chief operating officer in March 2009. That positioned him to succeed Cornelius, who is now 66.
Andreotti has been with Bristol-Myers for a dozen years, both overseas and in the U.S.
He previously worked for two other drug companies, KABI Pharmacia and then Pharmacia & Upjohn, which now is part of Pfizer Inc.