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Summary Box: Drugmaker Bristol-Myers names new CEO

Tue, 03/02/2010 - 1:17pm
The Associated Press

CHANGING OF THE GUARD: Jim Cornelius, CEO of drugmaker Bristol-Myers Squibb Co., is retiring May 4, to be succeeded by Chief Operating Officer Lamberto Andreotti.

STRATEGY IMPACT: Andreotti, a key architect of the drugmaker's plan to shed noncore businesses and buy biotech products and companies, intends to continue transforming Bristol into a biopharmaceutical leader.

CHALLENGES AND STRENGTHS: Bristol's $5 billion-a-year blood thinner Plavix faces generic competition after 2012, but the company has a $10 billion war chest for deals.

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