Biovail names Bill Wells as CEO

OTTAWA, Canada Biovail has named Bill Wells as its new chief executive officer, replacing interim chief Douglas Squires, who took over for founder and former chief executive officer Eugene Melnyk who stepped down in 2004, according to published reports.

Squires will become chairman of the company’s board, replacing Melnyk, who stepped down last May.

Wells is the former chief financial officer of Loblaw, Canada’s largest food distributor. Besides serving at Loblaw, he also served as chief financial officer for the food and agricultural products company Bunge.

"Bill Wells brings a unique skill set to the chief executive officer position at an important time for the company and its shareholders," said Squires in a statement. "Bill has gained intimate knowledge of the company's business and operations from his service as a member of the board and as lead director. He has significant experience in strategic financial management for global companies and in the deployment of assets to maximize return on capital and achieve key business objectives. Bill is exceptionally well qualified to lead Biovail in this new phase of the company's development."