(Corrects designation of Boerner in paragraph 2)
(Reuters) -Bristol Myers Squibb Co said on Wednesday CEO Giovanni Caforio, who has been in the role since 2015, has decided to step down from his position.
Chief Commercialization Officer Christopher Boerner will take up the role from Nov. 1. He was previously head of international markets and has served in leadership roles at Seattle Genetics Inc and Roche’s Genentech among others.
Outgoing CEO Caforio will continue as executive chairman of the company’s board. The company also appointed Adam Lenkowsky as chief commercial officer.
Caforio’s biggest move as chief executive was the company’s $74 billion buyout of Celgene in 2019, which boosted the company’s revenue as sales of its top-selling cancer drug Opdivo slowed due to stiff competition from Merck’s Keytruda.
Bristol Myers is due to report first-quarter financial results on Thursday.
Bristol Myers shares rose 0.39% to $68.29 in after-hours trading.
(Reporting by Aditya Samal and Caroline Humer; Editing by Arun Koyyur and Stephen Coates)