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BRISTOL-MYERS SQUIBB PRESIDENT HEIMBOLD NAMED CEO

Executive Summary

BRISTOL-MYERS SQUIBB PRESIDENT HEIMBOLD NAMED CEO effective Jan. 1, 1994. President Charles Heimbold, 60, will assume the additional title of chief executive officer, succeeding Richard Gelb. In a Sept. 15. announcement, Bristol-Myers Squibb said that Gelb, 69, will continue as chairman in an "active management role." Heimbold's succession to the chief exec spot comes as no surprise; his appointment as president of the company in October 1992 put him in line for the position ("The Pink Sheet" Oct. 12, 1992, T&G-12). A 30-year veteran of Bristol-Myers and BMS, Heimbold brings leadership experience in many of the company's core businesses to his now role. Heimbold has headed Bristol-Myers' medical device business since 1984 and the consumer products business since 1989. He also managed the company's acquisitions and the development of its key strategic objectives. More recently, Heimbold added the nutritionals and pharmaceutical businesses to his responsibilities. In the past year as president, he "worked very closely with the Pharmaceutical Group as it has continued to make the changes necessary to compete successfully in the dramatically changing marketplace," Gelb said in a Sept. 15 staff bulletin on the appointment. At the time of his appointment as president, Heimbold was one of three corporate exec VPs who were considered contenders for the top spot at BMS. The other two were Wayne Davidson, who was responsible for the company's pharmaceutical and nutritionals businesses, and Michael Autera, the company's chief financial officer. Davidson retired from BMS in June. Gelb said that he "will continue to work closely with Charlie as he takes over the leadership of our company." Although BMS has not announced plans for Gelb's retirement, May 1995 appears to be the latest possible date. Under company by-laws, all former and current CEOs are required to retire by the first annual shareholders' meeting following their 70th birthday. Gelb will be 70 in June 1994 and the next following annual meeting is in May 1995.
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