Bristol-Myers CEO Dolan gets the axe

NEW YORK: Bristol-Myers Squibb said on Tuesday that chief executive Peter Dolan will step down immediately, and that his post will be filled on an interim basis by board member James Cornelius, a former chairman of medical device maker Guidant.

The company said the changes followed a Monday board meeting at which a special government monitor recommended the company dismiss Mr Dolan and general counsel Richard Willard.

Mr Willard is also leaving, effective immediately. Mr Dolan’s departure came after a series of missteps during his five-year tenure led to the company's stock losing more than one-half its value. Mr Dolan has agreed to stay as an adviser to help find a new CEO, the company said.

While Dolan was CEO, the company endured an accounting scandal, was criticised for overpaying in a deal with biotech company ImClone Systems, and was hit with earlier-than-expected competition for its top-selling Plavix drug.