Chief Operating Officer Christopher Boerner will take up the role from Nov. 1.
Outgoing CEO Giovanni 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 shares rose 0.39% to $68.29 in after-hours trading.
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