Giovanni Caforio

Giovanni Caforio
Born	Template:Birth year and age
Nationality	Italian, American
Occupation	Pharmaceutical executive
Title	Chairman of the Board, Novartis
Known for	Former Chairman and CEO of Bristol-Myers Squibb
Education	Doctor of Medicine (M.D.)

Giovanni Caforio (born 1964) is an Italian-American pharmaceutical executive who served as Chairman and Chief Executive Officer of Bristol-Myers Squibb (BMS), one of the world's largest biopharmaceutical companies. Over the course of a career spanning more than 35 years in the global healthcare industry, Caforio rose through successive leadership roles at BMS before assuming the position of CEO, a role he held until his retirement on November 1, 2023. During his tenure as CEO, he oversaw one of the pharmaceutical industry's largest mergers and acquisitions, the $74 billion acquisition of Celgene in 2019, a deal that significantly reshaped BMS's portfolio and competitive position in oncology and immunology. Following his departure from BMS, Caforio was nominated and subsequently elected as Chairman of the Board of Directors of Novartis, the Swiss multinational pharmaceutical company, a position confirmed by shareholders in 2025.

Early Life

Giovanni Caforio was born in 1964 in Italy. He holds both Italian and American nationality. Details regarding his early childhood, family background, and upbringing have not been widely documented in public sources.

Education

Caforio holds a Doctor of Medicine (M.D.) degree, a credential that has been consistently referenced in his professional titles throughout his career in the pharmaceutical industry. The specific institution from which he obtained his medical degree has not been confirmed in available sources.

Career

Giovanni Caforio's career in the healthcare industry has spanned more than 35 years, during which he has held leadership positions at major pharmaceutical companies.

Rise at Bristol-Myers Squibb

Caforio built his career at Bristol-Myers Squibb over many years, advancing through a series of increasingly senior leadership roles within the company. His trajectory at BMS ultimately led to his appointment as the company's Chief Executive Officer. As CEO, Caforio was responsible for the strategic direction of one of the largest biopharmaceutical companies in the world, with operations spanning oncology, cardiovascular medicine, immunology, and other therapeutic areas.

The Celgene Acquisition

The defining strategic move of Caforio's tenure as CEO of Bristol-Myers Squibb was the company's acquisition of Celgene Corporation, completed in 2019. Valued at approximately $74 billion, the deal ranked among the largest mergers and acquisitions in the history of the pharmaceutical industry. The acquisition of Celgene brought into BMS's portfolio a number of significant assets, most notably Revlimid (lenalidomide), a blockbuster treatment for multiple myeloma and other hematological cancers, as well as a pipeline of drugs in various stages of development. The merger significantly expanded BMS's presence in oncology and hematology, areas that were already core to the company's strategy.

The decision to pursue the Celgene deal was not without controversy at the time it was announced. Some BMS shareholders initially raised objections to the terms and strategic rationale of the acquisition, and the deal became a focal point of debate within the investment community. However, the merger ultimately received shareholder approval and was completed, fundamentally transforming BMS's scale and therapeutic portfolio.

Caforio's willingness to pursue large-scale M&A activity became a defining characteristic of his leadership style. In an exit interview with STAT News published in October 2023, Caforio reflected on his tenure and the strategic decisions that shaped BMS during his time as CEO.

Leadership Transition and Retirement from BMS

On April 26, 2023, Bristol-Myers Squibb announced a formal leadership transition plan under which Caforio would retire as CEO effective November 1, 2023. Under the plan, Caforio was to continue serving as Executive Chairman of the Board of Directors following his departure from the CEO role, providing continuity during the transition period.

Christopher Boerner, who had been serving as BMS's Chief Operating Officer, was named as Caforio's successor as CEO. The transition was characterized as an orderly and planned succession, with the company's board having engaged in long-term succession planning.

In his final full year as CEO, Caforio received total compensation of approximately $19.7 million, a slight decrease from the $20.1 million he had earned in 2022, according to the company's proxy filing disclosed in March 2024. The compensation package reflected a combination of base salary, annual incentive payments, stock awards, and other compensation elements typical of major pharmaceutical company executives.

Transition to Novartis

Following his departure from Bristol-Myers Squibb, Caforio's next major career move came in April 2024, when Novartis announced that it would nominate him to serve as the next Chairman of its Board of Directors. The announcement drew immediate attention in the pharmaceutical industry, both because of Caforio's prominent profile and because of questions about potential noncompete agreements from his tenure at BMS.

Fierce Pharma reported in July 2024 that the move to Novartis raised questions about whether noncompete provisions in Caforio's agreements with Bristol-Myers Squibb might present complications. Caforio had recently stepped down as BMS's CEO and chairman, and the move to serve as board chair of a direct competitor was noted by industry observers.

The nomination of Caforio as Novartis board chair also prompted speculation about the strategic direction Novartis might take under his leadership of the board. Given Caforio's track record of pursuing large-scale mergers and acquisitions at BMS—most notably the $74 billion Celgene deal—some industry analysts speculated that his chairmanship could herald a more aggressive M&A strategy at Novartis.

Chairman of Novartis

Caforio's appointment as Chairman of the Novartis Board of Directors was confirmed at the company's 2025 Annual General Meeting, held on March 7, 2025. At that meeting, Novartis shareholders approved all resolutions proposed by the Board of Directors, including the election of Caforio as Chairman. In addition to the election of the board, shareholders at the same meeting approved a 28th consecutive dividend increase, raising the per-share dividend to CHF 3.50, an increase of 6.1 percent over the prior year, representing a yield of approximately 3.5 percent.

As of March 2025, Caforio's biography on the Novartis website described him as having had "an international career in the healthcare industry spanning more than 35 years." The role of Novartis board chairman placed Caforio at the helm of corporate governance at one of the world's largest pharmaceutical companies, overseeing strategic direction, executive management oversight, and stakeholder relations.

Personal Life

Giovanni Caforio holds dual Italian and American nationality. Beyond his professional career, limited information about his personal life is available in public sources. Caforio has maintained a relatively private personal profile throughout his career, with public disclosures focusing primarily on his professional activities and corporate governance roles.

Recognition

Caforio's leadership of Bristol-Myers Squibb during a transformative period in the company's history earned him recognition as one of the more consequential pharmaceutical industry executives of his era. The Celgene acquisition, which he championed, was one of the largest pharmaceutical deals ever completed and fundamentally reshaped BMS's business.

His selection as Chairman of the Board of Novartis in 2024 and 2025 further underscored his standing within the global pharmaceutical industry. The appointment to lead the board of a second major multinational pharmaceutical company—after having served as CEO and Chairman of another—placed Caforio among a small group of executives to have held top leadership positions at multiple major global pharmaceutical firms.

Caforio's total compensation of approximately $19.7 million in his final full year as BMS CEO reflected the company's valuation of his contributions during a period of significant strategic transformation.

Legacy

Giovanni Caforio's legacy in the pharmaceutical industry is most closely associated with the strategic transformation of Bristol-Myers Squibb through the $74 billion acquisition of Celgene in 2019. That deal, among the largest in pharmaceutical industry history, brought together two major companies with complementary portfolios in oncology, hematology, and immunology, and it positioned BMS as one of the leading companies in cancer treatment and research.

The leadership transition at BMS, announced in April 2023, was structured as a planned and orderly succession, with Caforio remaining as Executive Chairman to ensure continuity before his full departure. His successor, Christopher Boerner, inherited a company that had been significantly reshaped by the Celgene merger and the strategic decisions made during Caforio's tenure.

Caforio's subsequent move to Novartis as board chairman represented a continuation of his influence in the pharmaceutical industry at the highest levels of corporate governance. The appointment drew attention for its potential implications for Novartis's strategic direction, particularly with respect to M&A activity, given Caforio's established track record of pursuing transformative deals.

His career trajectory—from his medical training in Italy through decades of leadership at one of the world's largest pharmaceutical companies, and subsequently to the chairmanship of another—illustrates a path through the upper echelons of the global healthcare industry. With more than 35 years of experience in the field, Caforio's career has encompassed periods of significant change in the pharmaceutical industry, including the growing emphasis on biologics, immuno-oncology, and large-scale consolidation through mergers and acquisitions.