By Imani Moise

Bristol-Myers Squibb Co., under pressure from an activist investor, said Tuesday it would name new members to its board and increase its share buybacks.

Activist firm Jana Partners LLC has been building a stake in Bristol in recent months and said last week in a filing that late last year it owned 3.9 million shares in the company. Bristol said the board appointments reflect discussions with the hedge fund.

Bristol recruited former senior executives from Bausch & Lomb and Vertex Pharmaceuticals Inc. Robert Bertolini and Matthew Emmens will join the board effective immediately, along with Theodore Samuels, who currently sits on the board of Perrigo Company plc and Stamps.com.

The board will be temporarily expanded to 14 seats, but only 11 directors will stand for election at the company's annual meeting in May. Current Chairman Lamberto Andreotti will retire as previously announced.

The company also said it would implement an accelerated share repurchase program.

Shares fell 0.4% to $54.39 during premarket trading. The stock is down 6.6% so far this year through Friday's close.

Write to Imani Moise at imani.moise@wsj.com

(END) Dow Jones Newswires

February 21, 2017 08:47 ET (13:47 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.
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