Bristol-Myers Squibb CFO Resigns

Jean-Marc Huet, who joined the drugmaker in mid-2008 as senior vice president and chief financial officer, as it tried to dig its way out of several holes, is leaving this month to return to Europe, according to a statement (that’s Huet in the picture).

At the time Huet arrived, Bristol-Myers was emerging from the loss of its former chief executive, Peter Dolan, and several other execs amid an accounting scandal. Jim Cornelius, the drugmaker’s current ceo, has tried to refocus by cutting deals with other drugmakers and pursuing a so-called ‘string of pearls’ strategy that involves select acquisitions. There was also an eye-opening $275 million charge for investing in sub-prime securities, which occurred just before the previous cfo departed (see here).

As a former Goldman Sachs investment banker, Huet’s arrival was seen by some Wall Streeters as a signal that Cornelius and the Bristol-Myers board would shop the drugmaker, a suspicion that hasn’t gone away. His departure is unlikely to alter that sentiment. In any event, Huet is being replaced, for the moment, by Charles Bancroft, vice president of finance. He’ll continue to report to Lamberto Andreotti, president and chief operating officer.