Biovail taps Loblaw exec as new CEO

Biovail Corp. said Monday that Bill Wells, the chief financial officer of Loblaw Companies Ltd., will become its new chief executive.

Wells has been on Biovail's board of directors since 2005 and has been the company's lead director since June 30, 2007. Wells is to remain on Biovail's board with his new appointment.

Wells takes over from Douglas Squires, who has been serving as Biovail's interim chairman and CEO. Squires will become permanent chairman on May 1.

"Bill Wells brings a unique skill set to the CEO position at an important time for the company and its shareholders," said Squires in a release. "Bill has gained intimate knowledge of the companys business and operations from his service as a member of the board and as lead director."

Wells will be based in Barbados, where he will also serve as president of Biovail Laboratories International SRL, the companys principal operating subsidiary.

Biovail shares rose five cents to finish at $11.10 on the TSX.