Peter R. Dolan
Encyclopedia
Peter R. Dolan 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.
on January 6, 1956. 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. He wed former executive director
of Saint Joseph's Hospital
Katherine Helen Lange, with whom he shares two children.
, rising to general product manager by 1986. In 1988, he took a job at Bristol-Myers Squibb. While at Bristol, Dolan was involved in developing the cancer-treating medication Erbitux, as well as, before becoming chief executive officer, making the consumer products and medical device divisions of Bristol successful. Dolan became CEO in May, 2001, replacing Charles Heimbold. 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". The company avoided criminal charges by accepting probation in June 2005, and Dolan brought in former United States federal judge
Frederick B. Lacey to act as an adviser to Bristol.
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. 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. 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
. The investigation centered around statements allegedly issued by Dr. Andrew Bodnar, who was an adviser to Dolan assigned to settle the situation with Apotex. A New York Times article from 2006 indicated that Lacey criticized Dolan for not properly communicating with the Bristol board about the situation. 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. As of 2007, Dolan had not released an official comment on the Plavix situation, nor had he been charged in conjunction with the investigation.
s. He serves as a trustee
at Tufts University and is now Vice Chairman of the Board, also sitting on several committees. He is also a member of the Board of Overseers at the Tuck School of Business at Dartmouth.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
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
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of Bristol-Myers Squibb
Bristol-Myers Squibb
Bristol-Myers Squibb , often referred to as BMS, is a pharmaceutical company, headquartered in New York City. The company was formed in 1989, following the merger of its predecessors Bristol-Myers and the Squibb Corporation...
before being discharged from that company in September 2006 as a result of a federal investigation into questions concerning the patent
Patent
A patent is a form of intellectual property. It consists of a set of exclusive rights granted by a sovereign state to an inventor or their assignee for a limited period of time in exchange for the public disclosure of an invention....
of drug Plavix.
Personal life
The son of John Ralph Dolan and Lois Burkhart, Peter Dolan was born in Salem, MassachusettsSalem, Massachusetts
Salem is a city in Essex County, Massachusetts, United States. The population was 40,407 at the 2000 census. It and Lawrence are the county seats of Essex County...
on January 6, 1956. Dolan attended Tufts University
Tufts University
Tufts University is a private research university located in Medford/Somerville, near Boston, Massachusetts. It is organized into ten schools, including two undergraduate programs and eight graduate divisions, on four campuses in Massachusetts and on the eastern border of France...
near Boston
Boston
Boston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the United States. The largest city in New England, Boston is regarded as the unofficial "Capital of New England" for its economic and cultural impact on the entire New England region. The city proper had...
, Massachusetts
Massachusetts
The Commonwealth of Massachusetts is a state in the New England region of the northeastern United States of America. It is bordered by Rhode Island and Connecticut to the south, New York to the west, and Vermont and New Hampshire to the north; at its east lies the Atlantic Ocean. As of the 2010...
, earning a B.A.
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
in 1978 before going to the Tuck School of Business
Tuck School of Business
The Amos Tuck School of Business Administration is the graduate business school of Dartmouth College in Hanover, New Hampshire, in the United States...
at Dartmouth College
Dartmouth College
Dartmouth College is a private, Ivy League university in Hanover, New Hampshire, United States. The institution comprises a liberal arts college, Dartmouth Medical School, Thayer School of Engineering, and the Tuck School of Business, as well as 19 graduate programs in the arts and sciences...
in Hanover
Hanover
Hanover or Hannover, on the river Leine, is the capital of the federal state of Lower Saxony , Germany and was once by personal union the family seat of the Hanoverian Kings of Great Britain, under their title as the dukes of Brunswick-Lüneburg...
, New Hampshire
New Hampshire
New Hampshire is a state in the New England region of the northeastern United States of America. The state was named after the southern English county of Hampshire. It is bordered by Massachusetts to the south, Vermont to the west, Maine and the Atlantic Ocean to the east, and the Canadian...
to earn his M.B.A. in 1980. He wed former executive director
Executive director
Executive director is a term sometimes applied to the chief executive officer or managing director of an organization, company, or corporation. It is widely used in North American non-profit organizations, though in recent decades many U.S. nonprofits have adopted the title "President/CEO"...
of Saint Joseph's Hospital
St. Joseph Hospital (Nashua, New Hampshire)
St. Joseph Hospital is a health care facility located in Nashua, New Hampshire and serving the surrounding community with a 208 bed facility, an ANCC Accredited nursing school, and an extensive network of health care providers. It features 24/7 emergency care and centers for oncology, childbirth,...
Katherine Helen Lange, with whom he shares two children.
Early career
In 1983, Dolan began working at General FoodsGeneral Foods
General Foods Corporation was a company whose direct predecessor was established in the USA by Charles William Post as the Postum Cereal Company in 1895. The name General Foods was adopted in 1929, after several corporate acquisitions...
, rising to general product manager by 1986. In 1988, he took a job at Bristol-Myers Squibb. While at Bristol, Dolan was involved in developing the cancer-treating medication Erbitux, as well as, before becoming chief executive officer, making the consumer products and medical device divisions of Bristol successful. Dolan became CEO in May, 2001, replacing Charles Heimbold. Subsequently, Bristol was involved in a major financial scandal when, in the words of a Reuters
Reuters
Reuters is a news agency headquartered in New York City. Until 2008 the Reuters news agency formed part of a British independent company, Reuters Group plc, which was also a provider of financial market data...
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". The company avoided criminal charges by accepting probation in June 2005, and Dolan brought in former United States federal judge
United States federal judge
In the United States, the title of federal judge usually means a judge appointed by the President of the United States and confirmed by the United States Senate in accordance with Article II of the United States Constitution....
Frederick B. Lacey to act as an adviser to Bristol.
In 2006, Forbes
Forbes
Forbes is an American publishing and media company. Its flagship publication, the Forbes magazine, is published biweekly. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Business Week...
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. 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. Bristol was accused of attempting to prevent the marketing of a generic
Generic drug
A generic drug is a drug defined as "a drug product that is comparable to brand/reference listed drug product in dosage form, strength, route of administration, quality and performance characteristics, and intended use." It has also been defined as a term referring to any drug marketed under its...
competitor for the drug by entering into a secret, unlawful arrangement with Canadian
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
generic-manufacturer Apotex
Apotex
Apotex is a Canadian pharmaceutical corporation. Founded in 1974, the company is the largest producer of generic drugs in Canada, with sales exceeding one billion dollars a year...
. The investigation centered around statements allegedly issued by Dr. Andrew Bodnar, who was an adviser to Dolan assigned to settle the situation with Apotex. A New York Times article from 2006 indicated that Lacey criticized Dolan for not properly communicating with the Bristol board about the situation. Bristol provided Dolan a severance package
Severance package
A severance package is pay and benefits an employee receives when they leave employment at a company. In addition to the employee's remaining regular pay, it may include some of the following:* An additional payment based on months of service...
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
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
for the Plavix incident. As of 2007, Dolan had not released an official comment on the Plavix situation, nor had he been charged in conjunction with the investigation.
Later career
In July, 2008, Dolan was appointed to the Board of Gemin X Pharmaceuticals. 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 http://www.businessweek.com/ap/financialnews/D9M3TLFG1.htm. 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 materAlma mater
Alma mater , pronounced ), was used in ancient Rome as a title for various mother goddesses, especially Ceres or Cybele, and in Christianity for the Virgin Mary.-General term:...
s. He serves as a trustee
Trustee
Trustee is a legal term which, in its broadest sense, can refer to any person who holds property, authority, or a position of trust or responsibility for the benefit of another...
at Tufts University and is now Vice Chairman of the Board, also sitting on several committees. He is also a member of the Board of Overseers at the Tuck School of Business at Dartmouth.