Biovail says director Bill Bristow resigns

NEW YORK, April 21 (Reuters) - Canadian drugmaker Biovail Corp (BVF.TO) said on Monday that Bill Bristow has resigned from the company's board, effective immediately, due to his ongoing personal relationship with company founder Eugene Melnyk.

Former Chairman Melnyk is proposing an alternative slate of directors at Biovail's annual meeting in June. Melnyk has cited Biovail's "unsatisfactory financial performance" and his "lack of confidence" in a recently announced strategic review.

Earlier on Monday, Biovail named Bill Wells chief executive in a management shift that also sees Douglas Squires moved to chairman of the board just one month after Melnyk called for a management shake-up.

(Reporting by Mark McSherry, editing by Richard Chang)