Biovail

( BVF) named Bill Wells chief executive and appointed Douglas Squires as chairman of the board.

The changes are effective May 1. Wells joined Biovail's board in 2005, and he has been the lead director since last June. He will remain on the board of the pharmaceutical company.

Wells was most recently chief financial officer of Loblaw, Canada's largest food distributor and a provider of general merchandise, drugstore and financial products and services. Before that, he was CFO of

Bunge

(BG) - Get Report

, a U.S. food and agribusiness company.

Squires has been serving as Biovail's interim chairman and CEO.

This article was written by a staff member of TheStreet.com.