Bristol-Myers Expands Board, Boosts Buybacks Amid Activist Pressure
22 February 2017 - 1:02AM
Dow Jones News
By Imani Moise
Bristol-Myers Squibb Co., under pressure from an activist
investor, said Tuesday it would name new members to its board and
increase its share buybacks.
Activist firm Jana Partners LLC has been building a stake in
Bristol in recent months and said last week in a filing that late
last year it owned 3.9 million shares in the company. Bristol said
the board appointments reflect discussions with the hedge fund.
Bristol recruited former senior executives from Bausch &
Lomb and Vertex Pharmaceuticals Inc. Robert Bertolini and Matthew
Emmens will join the board effective immediately, along with
Theodore Samuels, who currently sits on the board of Perrigo
Company plc and Stamps.com.
The board will be temporarily expanded to 14 seats, but only 11
directors will stand for election at the company's annual meeting
in May. Current Chairman Lamberto Andreotti will retire as
previously announced.
The company also said it would implement an accelerated share
repurchase program.
Shares fell 0.4% to $54.39 during premarket trading. The stock
is down 6.6% so far this year through Friday's close.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
February 21, 2017 08:47 ET (13:47 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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