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Peter R. Dolan (born January 6, 1956) is an American business executive. A member of the board of Gemin X Pharmaceuticals as of July 2008, he was formerly the chief executive officer of Bristol-Myers Squibb before being discharged from that company in September 2006 as a result of a federal investigation into questions concerning the patent of drug Plavix.[1][2]

Contents

Personal life

The son of John Ralph Dolan and Lois Burkhart, Peter Dolan was born in Salem, Massachusetts on January 6, 1956.[3] Dolan attended Tufts University near Boston, Massachusetts, earning a B.A. in 1978 before going to the Tuck School of Business at Dartmouth College in Hanover, New Hampshire to earn his M.B.A. in 1980.[4] He wed former executive director of Saint Joseph's Hospital Katherine Helen Lange, with whom he shares two children.[3]

Early career

In 1983, Dolan began working at General Foods, rising to general product manager by 1986.[3] In 1988, he took a job at Bristol-Myers Squibb.[4] While at Bristol, Dolan was involved in developing the cancer-treating medication Erbitux,[1] as well as, before becoming chief executive officer, making the consumer products and medical device divisions of Bristol successful.[5] Dolan became CEO in May, 2001, replacing Charles Heimbold.[5] Subsequently, Bristol was involved in a major financial scandal when, in the words of a Reuters report, it "was accused of exaggerating revenue by $2 billion from 2000 to 2001 by coaxing wholesalers to buy far more of its drugs than they could hope to sell".[6] The company avoided criminal charges by accepting probation in June 2005,[6] and Dolan brought in former United States federal judge Frederick B. Lacey to act as an adviser to Bristol.[7]

In 2006, Forbes reported that Dolan was 250th in compensation among CEO's in the United States, earning a single year $5.54 million to make a five-year total of $17.80 million.[8] In September 2006, Dolan was fired from Bristol on on the recommendation of Lacey in response to a federal investigation that followed questions concerning the patenting of Plavix.[1][2][9] Bristol was accused of attempting to prevent the marketing of a generic competitor for the drug by entering into a secret, unlawful arrangement with Canadian generic-manufacturer Apotex.[10] The investigation centered around statements allegedly issued by Dr. Andrew Bodnar, who was an adviser to Dolan assigned to settle the situation with Apotex.[10] A New York Times article from 2006 indicated that Lacey criticized Dolan for not properly communicating with the Bristol board about the situation.[7] Bristol provided Dolan a severance package with a combined value of approximately $10.7 million, expressing appreciation for his service but also indicating that it held Dolan "accountable" as chief executive officer for the Plavix incident.[11] As of 2007, Dolan had not released an official comment on the Plavix situation, nor had he been charged in conjunction with the investigation.[10]

Later career

In July, 2008, Dolan was appointed to the board of Gemin X Pharmaceuticals.[1][4] He has continued active ties with his alma maters. He serves as a trustee at Tufts University, also sitting on several committees.[4] A member of the Business Council at Tuck School, he is also on the boards of overseers and directors.[4]

References

  1. ^ a b c d Saul, Stephanie (2008-07-27). "Suits; Back in business". New York Times. http://query.nytimes.com/gst/fullpage.html?res=9901E1DC143DF934A15754C0A96E9C8B63. Retrieved 2009-04-11.  
  2. ^ a b Saul, Stephanie (2008-04-24). "Drug executive is indicted on secret deal". New York Times. http://www.nytimes.com/2008/04/24/business/24bristol.html. Retrieved 2009-04-11.  
  3. ^ a b c Halpern, Tim (2006). "Dolan, Peter R. 1956-". International Directory of Business Biographies excerpts. http://www.highbeam.com/doc/1G2-3448500141.html. Retrieved 2009-04-11.   (subscription required)
  4. ^ a b c d e "Gemin X Pharmaceuticals Appoints Peter R. Dolan to Board of Directors". Gemin X Pharmaceuticals. 2008-07-08. http://www.geminx.com/en/news/070808.php. Retrieved 2009-04-11.  
  5. ^ a b Herper, Matthew (2002-10-22). "CEO Full Count: Bristol-Myers Squibb's Peter R. Dolan". Forbes. http://www.forbes.com/2002/10/22/1022fullcountdolan.html. Retrieved 2009-04-11.  
  6. ^ a b 2007-06-15. "Drug maker ending 2 years of probation". New York Times. http://www.nytimes.com/2007/06/15/business/15bristol.html. Retrieved 2009-04-11.  
  7. ^ a b Saul, Stephanie (2006-09-19). "A corporate nanny turns assertive". New York Times. http://www.nytimes.com/2006/09/19/business/19gent.html. Retrieved 2009-04-11.  
  8. ^ "Peter R Dolan". Forbes. 12-2006. http://www.forbes.com/lists/2006/12/TZEJ.html. Retrieved 2009-04-11.  
  9. ^ Stein, Mark A. (2006-09-16). "Paying the price when companies stumble". New York Times. http://www.nytimes.com/2006/09/16/business/16five.html. Retrieved 2009-04-11.  
  10. ^ a b c Saul, Stephanie (2007-06-12). "Drug maker fined in Plavix case". http://www.nytimes.com/2007/06/12/business/12bristol.html. Retrieved 2009-04-11.  
  11. ^ Saul, Stephanie (2006-11-04). "Former Bristol-Myers chief to get $9.5 million package". New York Times. http://www.nytimes.com/2006/11/04/business/04dolan.html. Retrieved 2009-04-11.  
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