Interim Bristol-Myers Squibb CEO James Cornelius is getting the corporate red carpet treatment for the temp job he has. If he stays until the end of the first quarter of next year, he'll get a $1.25 million salary, a guaranteed $1.06 million bonus and options on 180,000 shares. Then there's his access to the corporate jet and a $25,500 a month apartment in New York. If he stays through 2007, those numbers go up. The board apparently loves Cornelius--who used to run Guidant [1]--but can't get him to agree to stay for the longterm. A search committee, meanwhile, will try to find someone who can turn the company around after a series of disastrous mistakes opened the door to a generic version of Plavix [2], their big moneymaker.
- read the article [3] on BMS from the Wall Street Journal (sub. req.)
Related Articles:
Analysts buzzing about possible Bristol-Myers sale. Report [4]
BMS board fires CEO Dolan, general counsel. Report [5]
Bristol-Myers Squibb shelves diabetes drug. Report [6]
Bristol-Myers pulls Tequin. Report [7]
Links:
[1] http://www.fiercehealthcare.com/search/node/guidant
[2] http://www.fiercebiotech.com/search/node/Plavix
[3] http://online.wsj.com/article/SB116285589346114957.html?mod=home_whats_news_us
[4] http://www.fiercebiotech.com/story/analysts-buzzing-about-possible-bristol-myers-sale/2006-08-21
[5] http://www.fiercebiotech.com/story/bms-board-fires-dolan-general-counsel/2006-09-12
[6] http://www.fiercebiotech.com/story/bristol-myers-squibb-shelves-diabetes-drug/2006-05-19
[7] http://www.fiercebiotech.com/story/spotlight-bristol-myers-pulls-tequin/2006-05-02