Bancroft steps in as Bristol-Myers Squibb's acting CFO

NEW YORK The former VP finance for Bristol-Myers Squibb Co.’s global biopharmaceutical business has been appointed as the company’s acting CFO, Bristol announced Monday.

Charles Bancroft will assume the position on Jan. 1 and continue to report to president and COO Lamberto Andreotti, following the planned departure of CFO and EVP Jean-Marc Huet at the end of this year.

“Jean-Marc has indicated to me his desire to return to Europe, and we wish him every success,” Bristol chairman and CEO James Cornelius said in a statement. “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.”

Bancroft began working for Bristol in 1984 and has served in various finance positions with the company, including in other countries.

“Charlie has a wide range of technical and operational finance experiences, including strong financial stewardship, business partnering and leadership capabilities which will serve him well in his new role,” Cornelius said. “We have a strong finance team who will maintain our focus on delivering shareholder value.”