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Bristol-Myers Squibb appoints Caforio new CEO

Pharmaceutical giant Bristol-Myers Squibb on Tuesday named Dr.Giovanni Caforio as its new CEO, effective May 5.

Lamberto Andreotti, the company's current CEO, will move to the position of chairman once Caforio's appointment becomes effective, according to a company statement.

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"I am honored to have the privilege to lead this great company," Caforio said. "I look forward to working with our very talented team of people at BMS to build on what we've accomplished."