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BRISTOL-MYERS SQIUIBB PRESIDENT CHARLES HEIMBOLD NAMED CEO

This article was originally published in The Tan Sheet

Executive Summary

BRISTOL-MYERS SQIUIBB PRESIDENT CHARLES HEIMBOLD NAMED CEO effective Jan. 1, 1994, 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. A 30-year Bristol-Myers Squibb veteran, Heimbold, 60, has management experience in a wide range of BMS businesses, including responsibility for the company's consumer products business since 1989. After rising through the ranks of Bristol-Myers' legal and corporate development offices, Heimbold was named president of the company's device business in 1984. In 1989, he was appointed to exec VP of Bristol-Myers Squibb Company and was given the additional responsibility for the company's consumer products business. In the past year as president, Heimbold "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. 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 business, and Michael Autera, the company's chief financial officer. Davidson retired from BMS in June. Gelb said he "will continue to work closely" with Heimbold as he takes over the leadership of the 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 annual meeting is in May 1995.
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