NEW YORK — The board of directors at Bristol-Myers Squibb Co. has elected Charles Bancroft as chief financial officer.

Bancroft, who had been serving as the pharmaceutical giant’s acting CFO since Jan. 1, took over the CFO position on a permanent basis effective April 8, the company said Thursday.

In the role, he will be responsible for directing and managing Bristol-Myers Squibb’s fiscal operations and the global finance organization. He will report to Lamberto Andreotti, president and chief operating officer, and chief executive officer designate. Early last month, CEO Jim Cornelius announced that he was retiring, effective May 4, and will remain as nonexecutive chairman of the company.

Bancroft joined Bristol-Myers Squibb in 1984 and since then has held positions of increasing responsibility within the finance organization, including international assignments, senior leadership positions in the global pharmaceutical business and with ConvaTec.

"The board of directors, Jim Cornelius and I have great confidence in Charlie’s ability to provide the financial stewardship needed to help drive shareholder value," Andreotti said in a statement. "His tenure with Bristol-Myers Squibb has been marked by strong leadership and depth of experience in finance, earning him trust and respect from his peers across all functions and within the entire finance organization."