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Bristol-Myers Squibb names CEO to chairman post

Bristol-Myers Squibb Co.'s board appointed CEO Giovanni Caforio as chairman, effective May 2, 2017.

Caforio will retain his position as CEO. He succeeds current Chairman Lamberto Andreotti, who plans to retire.

Andreotti will have served as chairman for two years when Caforio's appointment becomes effective. Caforio has been CEO since May 2015 and has been serving on the board since June 2014.