Biovail picks Wells as CEO

Canadian drugmaker Biovail has named a new chief to take the reigns from interim CEO Douglas Squires. William Wells has been appointed Biovail's new CEO, effective May 1, 2008. He's been on the company's board since 2005, and has been lead director since June 2007. The company has been in search of a permanent CEO since last year after Biovail's founder and chief Eugene Melnyk (photo) retired while being investigated for accounting fraud.

"Biovail is a great company with outstanding potential to deliver enhanced value for its shareholders. I look forward to executing the Company's new strategic plan, which is currently being developed by the Board and management," Wells said in a statement. No word yet on when we'll see the details of that plan. 

- here's the release
- read the WSJ report

Related Articles:
Melnyk slams Biovail board, calls for change. Melnyk report
Biovail drug launch draws feds' scrutiny. Biovail report
Biovail shares sink after FDA schedules review. Biovail report
FDA hands Biovail a non-approval letter. FDA report
Biovail's Melnyk to step down amid SEC probe. Melnyk report