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Bristol-Myers’ Chief Dolan Resigns; Shares Rise

Bristol-Myers’ Chief Dolan Resigns; Shares Rise

by Rick Turoczy on September 12, 2006

Bristol-Myers Squibb Co. Chief Executive Officer Peter Dolan stepped down effective immediately after a bungled agreement to keep a generic version of the drugmaker’s top-selling heart pill Plavix off the market.

The Federal Bureau of Investigation raided Dolan’s office July 26 searching for documents and e-mails that might show he deceived U.S. antitrust enforcers about the accord. Bristol- Myers’s settlement to avoid prosecution for channel stuffing included a promise that the company “will at all times strive for openness and transparency in its public reporting and disclosures.”

Bristol-Myers’ Chief Dolan Resigns; Shares Rise

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