Bristol-Myers Squibb names interim CFO as Huet chooses to go back to Europe

US drug major Bristol-Myers Squibb has appointed company veteran Charles Bancroft as acting chief financial officer effective January 1, 2010 and announced that Jean-Marc Huet, executive vice president and chief financial officer, will leave the company at the end of 2009.

'Jean-Marc has indicated to me his desire to return to Europe and we wish him every success,' said James Cornelius, chairman and chief executive. A company spokesman said he will become finance chief at a European firm outside the drug industry, reported CNN Money.

'The Board of Directors and I are grateful to Jean-Marc for his strategic work in rapidly and successfully solidifying our balance sheet, his focus on increasing our cash position to nearly $10 billion through a series of important transactions, and his leadership of continuous improvement initiatives which have greatly accelerated our BioPharma transformation,' the CEO noted.

Mr Bancroft, who joined the firm in 1984, was most recently vice president, finance for B-Ms' global biopharmaceutical business. In his new role, he will continue to report to Lamberto Andreotti, president and chief operating officer.