NEW YORK Bristol-Myers Squibb CEO James Cornelius will retire. He will replaced by Lamberto Andreotti, Bristol announced Wednesday.

Cornelius, 66, will remain as chairman of the New York-based drug maker. Andreotti, 59, was named president and COO in March 2009.

“Jim successfully led our transformation into a next-generation biopharma leader with his strategic leadership and consistent focus on delivering our commitments,” Andreotti said. “I am personally grateful for this opportunity to lead Bristol-Myers Squibb in the next phase of our biopharma journey.”