Sandra Leung, one of many longest-serving authorized chiefs within the pharmaceutical business, plans to retire from Bristol Myers Squibb in 2025 after almost 33 years with the corporate.
Leung can be succeeded by Cari Gallman, the corporate’s government vp of company affairs, Bristol Myers CEO Chris Boerner instructed workers on Wednesday.
Gallman has been in that position since October 2023 and earlier than that was senior vp and chief compliance and ethics officer.
She additionally served in assistant common counsel roles in oncology and industrial authorized and compliance. Gallman joined the corporate in 2015 as senior counsel after working as a litigation affiliate at Debevoise & Plimpton for almost seven years.
Gallman “is an completed chief with in depth expertise in coverage, pharmaceutical legislation and compliance, and an unwavering dedication to BMS and our sufferers,” an organization spokesperson instructed Legislation.com
Gallman earned her legislation diploma from Harvard College in 2008 and has a bachelors in political concept from Princeton College.
“Sandy’s management has been instrumental in shaping Bristol Myers Squibb into the progressive and patient-focused group it’s at this time. The corporate is grateful for her management and anticipates finishing the transition later this 12 months,” the corporate stated in a press release.
Leung joined the corporate as a senior employees legal professional in 1992. She was named senior vp, common counsel and secretary in 2007. She was promoted to government vp and common counsel in December 2014.
After incomes her legislation diploma from Boston School in 1984, Leung spent eight years as an assistant district legal professional within the Manhattan District Lawyer’s Workplace.
“To go from prosecuting homicides to defending Clairol hair instances was a stretch, however what saved and what retains me at Bristol Myers Squibb is our mission and pledge to increase and improve human life,” Leung instructed the Minority Company Counsel Affiliation in 2007.
She stated the expertise on the DA’s workplace taught her “to inspire folks with out the luxurious of some huge cash. However extra importantly, I discovered to make selections shortly and to be accountable for these selections. It surprises me how legal professionals who’ve been in legislation corporations most of their lives write memos and push issues up with out making a name.”
Leung couldn’t be reached for remark Wednesday.
The daughter of immigrant mother and father from Hong Kong and Canton, China, has tackled quite a lot of points on the firm, together with defending mental property all through the costly and high-risk drug growth course of.
Leung was Bristol Myers’ fifth-highest-paid government in 2023, with compensation totaling $5.9 million, the corporate stated in its March 2024 proxy assertion. It has not but launched government pay for 2024.
Throughout her greater than three a long time at Bristol Myers, Leung socked away greater than $13 million in her non-equity deferred compensation financial savings plan, the proxy assertion exhibits. Her pension profit plan was valued at $7.3 million.
Leung has been a giant proponent of range and inclusion efforts at Bristol Myers, together with a program that helps college students who’re the primary of their households to go to school or legislation faculty.
Bristol Myers generated gross sales of $48.3 billion in 2024, a 7% enhance from a 12 months earlier. It mustered that enhance although gross sales of its most cancers drug Revlimid have fallen by half since peaking at almost $13 billion in 2021, its ultimate 12 months earlier than patent expirations unleashed generic competitors.
The corporate is tightening its belt to organize for looming patent expirations on different key drugs. Final 12 months, Bristol Myers stated it goals to lower prices by $1.5 billion. It just lately bumped-up that effectivity purpose to $2 billion, by the tip of 2027.
“These financial savings can be faraway from our price construction to contribute to a leaner, extra environment friendly firm whereas investing behind progress manufacturers and promising areas of science,” the corporate stated.
