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Bristol-Myer's Finance Chief, Schiff, Resigns Amid Criticism

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April 17, 2002

HEALTH FROM THE ARCHIVES: April 17, 2002

Bristol-Myers's Finance Chief, Schiff, Resigns Amid Criticism By GARDINER HARRIS Staff Reporter of THE WALL STREET JOURNAL   Bristol Myers Squibb Co., with its top executives under fire for several missteps, announced that its chief financial officer, Frederick Schiff, had left "to pursue other interests." The company appointed Harrison Bains as its interim finance chief while a search for a successor is undertaken. Mr. Bains was vice president of tax and treasury. Bristol-Myers Puts Its CEO On Notice Following Missteps1 04/15/02   Mr. Schiff, 54 years old, is a longtime company veteran who was respected by colleagues. But people close to Bristol Myers recently said that the board was disappointed that Peter Dolan, chairman and chief executive officer, and Mr. Schiff had allowed wholesalers to buy more of the company's products last year than needed. The result of such excess inventory is that Bristol Myers's sales and earnings will suffer this year. "As I said previously, I am taking steps to strengthen our company's organizational structure as part of our plan to improve performance," Mr. Dolan said in a written statement. "As part of this process, I had begun working on CFO succession. Fred Schiff has decided to leave." Mr. Schiff couldn't be reached for comment at home or in the office. Of the top three executives, only Mr. Dolan now remains. Richard Lane, head of the company's global pharmaceutical business, was fired two weeks ago over the inventory problems. As previously reported, Mr. Dolan has been informed by the board, according to people close to the company, that his job could be in jeopardy should there be any further big setbacks. The New York drug maker's fundamental problem is that its labs have been barren. It hasn't launched a big selling drug discovered in house in more than 12 years, despite spending more than $16 billion on research during that time. Meanwhile, generics are cannibalizing sales of three of its biggest sellers. The company had hoped to replace its faded blockbusters with a new cancer drug from its partner, ImClone Systems Inc., and with a blood pressure drug discovered in house. But federal regulators so far have refused even to consider the application from ImClone, and studies of the blood pressure pill were disappointing. All these problems seemed to descend on the company at once in part because executives have insisted until recently that its future was bright. As late as last spring, Mr. Dolan promised analysts that he would double sales and earnings within five years. He dubbed this promise his "Mega double" pledge. Recently the company said that earnings this year may be half of last year's and sales will likely drop. As of 4 p.m. in composite trading Tuesday on the New York Stock Exchange, Bristol Myers shares were up 24 cents at $31.98. Write to Gardiner Harris at gardiner.harris@wsj.com2 URL for this article: http://online.wsj.com/article/0,,SB1018994978324845200.djm,00.html   Hyperlinks in this Article: (1) http://online.wsj.com/article/0,,SB101882330146110800,00.html (2) mailto:gardiner.harris@wsj.com Updated April 17, 2002

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