The board of directors at Bristol-Myers Squibb (BMS) has designated Lamberto Andreotti, 59, to serve as its CEO, effective May 4, when James M. Cornelius, 66, current chairman and CEO will retire. At the request of the board, Cornelius will remain as chairman.

"While challenges lie ahead, we are confident we can overcome them as we continue to successfully execute and deliver operationally, financially and strategically,” said Andreotti, who is currently president and chief operating officer (COO) and a member of the board. In March 2009, Andreotti was named president and COO and is currently responsible for the global pharmaceutical business, according to the New York City-based company.

Andreotti has been with the company for 12 years in senior leadership roles, both internationally and in the U.S. Previously, Andreotti held roles at KABI Pharmacia and then at Pharmacia & Upjohn, according to BMS.

Cornelius was elected chairman of the board of directors in February of 2008 and he was named interim CEO in September 2006, before taking on the role full-time in April 2007, the company said. He also serves as the non-executive chairman of the board of Mead Johnson Nutrition.