Peter R. Dolan
Peter R. Dolan (born January 6, 1956) is an American business executive. In 2009, he became Chairman and CEO of Gemin X Pharmaceuticals after joining board in 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]
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 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] and became CEO and Chairman in 2009. Gemin X was sold to Cephalon for $225 million in March 2011 with an additional $300 million in future milestones [1]. He founded a non-profit organization called ChildObesity 180, which has raised over $10 million in funding. He is on the Board of a Partnership for a Healthier America [www.ahealthieramerica.org], a non profit organization devoted to working with private industry on solving childhood obesity, and created in conjunction with First Lady Michelle Obama's Let's Move program [www.letsmove.gov]. He has continued active ties with his alma maters. He serves as a trustee at Tufts University and is now Vice Chairman of the Board, also sitting on several committees.[4] He is also a member of the Board of Overseers at the Tuck School of Business at Dartmouth.[4]
References
- ^ a b c d Saul, Stephanie (2008-07-27). "Suits; Back in business". New York Times. Retrieved 2009-04-11.
- ^ a b Saul, Stephanie (2008-04-24). "Drug executive is indicted on secret deal". New York Times. Retrieved 2009-04-11.
- ^ a b c Halpern, Tim (2006). "Dolan, Peter R. 1956-". International Directory of Business Biographies excerpts. Retrieved 2009-04-11. (subscription required)
- ^ a b c d e "Gemin X Pharmaceuticals Appoints Peter R. Dolan to Board of Directors". Gemin X Pharmaceuticals. 2008-07-08. Retrieved 2009-04-11.
- ^ a b Herper, Matthew (2002-10-22). "CEO Full Count: Bristol-Myers Squibb's Peter R. Dolan". Forbes. Retrieved 2009-04-11.
- ^ a b 2007-06-15 (2007-06-15). "Drug maker ending 2 years of probation". New York Times. Retrieved 2009-04-11.
{{cite news}}:|last=has numeric name (help) - ^ a b Saul, Stephanie (2006-09-19). "A corporate nanny turns assertive". New York Times. Retrieved 2009-04-11.
- ^ "Peter R Dolan". Forbes. 12-2006. Retrieved 2009-04-11.
{{cite web}}: Check date values in:|date=(help) - ^ Stein, Mark A. (2006-09-16). "Paying the price when companies stumble". New York Times. Retrieved 2009-04-11.
- ^ a b c Saul, Stephanie (2007-06-12). "Drug maker fined in Plavix case". The New York Times. Retrieved 2009-04-11.
- ^ Saul, Stephanie (2006-11-04). "Former Bristol-Myers chief to get $9.5 million package". New York Times. Retrieved 2009-04-11.