Bristol-Myers Squibb has selected Jean-Marc Huet, veteran finance director from Amsterdam-based baby food supplier Royal Numico, to replace chief financial officer (CFO) Andrew Bonfield who will be leaving the company ‘to seek new career opportunities’.

The change which will take place on March 31 and comes one month after the pharmaceutical company reported an ‘impairment charge’ of $275m in auction rate securities, consisting in part of sub-prime mortgages for the fourth quarter, according to CFO.com.

Huet, who is credited with initiating and developing Numico's acquisition strategy, including its acquisition by Groupe Danone, will be responsible for directing and managing the Bristol-Myers's fiscal operations and the global financial operations of the organisation and its subsidiaries.

Bonfield has been at Bristol-Myers since September 2002, and was responsible for the company’s worldwide finance operation, including tax, treasury, control, investor relations, internal audit, financial shared services, global strategic sourcing, and information management.

Read the story in CFO.com