In 1959, Frederic N. Schwartz, president and CEO of Bristol-Myers, and then-treasurer Gavin K. MacBainﾗlater Schwartzﾒs successor as CEOﾗdecided that Bristol-Myers should acquire well-managed smaller companies.

Bristol-Myers purchased Clairol, a company founded by the husband-and-wife team of Lawrence Gelb and Joan Clair. Clairol transformed hair coloring from a difficult-to-use specialty item into a highly successful mainstream consumer product. The eldest son of Clairolﾒs founders, Richard L. Gelb, succeeded MacBain as CEO in 1972.