Skip to main content

Pfizer CEO Retires

Pfizer CEO Retires - Pfizer Inc. Chairman and Chief Executive Jeffrey Kindler has retired after 4 1/2 years leading the world's largest drug maker by sales, saying the demands of the job have worn him out.

Ian Read, a Pfizer veteran who has been heading sales and marketing of the company's pharmaceuticals business, has taken the CEO post, Pfizer said Sunday night. Mr. Read was also named a company director. The board plans to appoint a nonexecutive chairman from its current membership when it meets within the next two weeks.

The 55-year-old Mr. Kindler steered Pfizer through the $68 billion takeover of rival Wyeth, then divided the company into business units.

The moves seemed to pay off in recent months, with Pfizer gaining approval of the childhood vaccine Prevnar 13. The company also reported impressive clinical trial results for a cancer therapy called crizotinib and a pill for treating rheumatoid arthritis, both of which have the potential to be blockbusters.

But the consolidation and reorganization left many inside Pfizer confused about the lines of authority, and investors questioned how the combined company could grow significantly, especially with its top-selling drug, Lipitor, going off patent next year.

The stock was hurt after the company cut its dividend to help digest Wyeth and long-term earnings forecasts didn't meet investors' expectations, though the stock recovered more recently after Pfizer addressed the concerns.

Mr. Kindler was among the industry's leading proponents of the health overhaul, and his support drew criticism from some conservatives in Washington.

A Harvard-educated lawyer, Mr. Kindler headed restaurant chain Boston Market Corp. before joining Pfizer in 2002 as general counsel. He became CEO in 2006.

Pfizer CEO Retires
Labels:

Comments

Post a Comment

Popular posts from this blog

Contactless Debit Cards

Contactless Debit Cards - Contactless debit cards will make their formal debut in Canada next year with the launch of Interac Flash from Acxsys Corp.’s Interac Association, Canada’s national debit network. Interac’s first two Flash issuers are Scotiabank and RBC Royal Bank, which will roll out their first contactless cards next summer. The first acquirer is TD Merchant Services, a unit of Toronto-Dominion Bank. More issuers and acquirers are on the way, an Interac spokesperson tells Digital Transactions News, though no announcements have been made yet. Interac and the banks tested Flash this summer at some high-volume, small-ticket merchants in downtown Toronto. The spokesperson expects national merchants will be making formal announcements about acceptance. “There’s a lot of excitement in the merchant community,” she says. “Merchants are looking for that faster throughput.” In a statement, the Retail Council of Canada endorsed the new card. “Interac Flash is a welcome and needed
Post a Comment
Read more

The Craigslist Killer TV

The Craigslist Killer TV - Lifetime last night turned the Craigslist killer headlines into a much watched and even more talked about TV movie. The movie told from Ms Megan McAllister’s point of view is chilling, even if it didn’t have her consent. For those who don’t know the story, Philip Markoff a Boston University medical student and fiancé of Ms McAllister met Julissa Brisman on Craigslist and murdered her. Markoff met Brisman on Craigslist, arranged a meeting for a massage. Police at the Boston Marriott Copley Place hotel found Brisman, shot dead and a massage table set up in the room. Brisman, who was 25 at the time, was pursuing a modeling career. Four days earlier a Las Vegas prostitute reported being attacked and robbed by an armed man at a nearby hotel, a stripper at the Holiday Inn in Warwick, Rhode Island reported a similar incident, as well as two more in the area. The Craigslist Killer TV Megan Mcallister, loved and almost married Philip Markoff. The question of thi
Post a Comment
Read more

Farm dogs maul Irish Tourist

Farm dogs maul Irish Tourist - An Irish tourist who was mauled to death by two dogs while visiting an organic farm in Penang yesterday morning had more than 50 bite wounds and lacerations all over his body. Penang Hospital Forensic Department head Datuk Dr Bhupinder Singh, who performed the post-mortem on Maurice Sullivan (pix), 50, today, said he found the wounds on the victim's head, neck, hands and legs. "The victim had died as a result of severe haemorrhage due to multiple injuries from the dogs' bites," he said, adding that there were no signs that Sullivan suffered any ailment at the time of death. Farm dogs maul Irish Tourist Bhupinder also said both Sullivan's ears and the left side of his face were gnawed off in the incident. One of the ears was recovered from the scene. Bhupinder told reporters this after carrying out the post-mortem which began at 10am. Sullivan was attacked by two mongrels at the farm while taking photographs of the gr
6 comments
Read more