Bristol-Myers Squibb Co.'s (BMY) has appointed James M. Cornelius, a member of the board, to serve as interim chief as Peter R. Dolan resigns from the chief executive position following a mishandled attempt to settle a patent dispute with generic competitors of its blockbuster anti-clotting drug, Plavix.
Also let go was Richard K. Willard, general counsel for the company. Dolan had been with the company since 2001 and Willard had just come on in October. Sandra Leung, the company's corporate secretary, was named as interim general counsel.
The company confirmed reports that Judge Frederick B. Lacey recommended the firings, and that Christopher J. Christie, U.S. Attorney for New Jersey, concurred. Both Lacey and Christie attended a meeting of the board late Monday.
Lacey was appointed monitor of the New York-based company in June 2005 after Bristol-Myers settled federal charges for an accounting scandal that ended up costing the company $800 million. Under the agreement, charges would be dropped against the company if it met certain standards until 2007.
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