Bristol-Myers CEO, senior vice president depart posts amid Plavix case

By Elaine Rigoli

Tampa, Fla., Sept. 12 - The board of directors of Bristol-Myers Squibb Co. was advised by a federal monitor to terminate the positions of Peter R. Dolan, chief executive officer, and Richard K. Willard, senior vice president and general counsel, effective immediately.

The board has appointed James M. Cornelius, a director of the company since January 2005 and chairman emeritus of Guidant Corp., to act as interim chief executive officer.

Sandra Leung, vice president and corporate secretary, was appointed to act as interim general counsel.

At a previously scheduled meeting of the company's board, the board received reports from outside counsel on issues relating to the Plavix patent litigation with Apotex, Inc. and Apotex Corp. These reports were prepared and delivered at the request of the board as part of its ongoing assessment of this matter.

During deliberations, the board was urged to terminate both Dolan and Willard.

Bristol-Myers Squibb is a New York-based pharmaceutical and health-care products company.

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