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

Best Indoor Exercise

Best Indoor Exercise - There are several indoor exercises you can do to keep in shape. But which are the best? They can be split in to two categories. The first is body weight exercises, meaning you use your own body weight to provide resistance. The second is using some sort of equipment. There are pros and cons to both. The biggest advantage to doing body weight exercises is they can be done anywhere. Whether you're on holiday, travelling for work, or if you just want a quick exercises to do. There are quite a few body weight exercises that can be done. If you wish to work out your abdominal muscles, sit ups or crunches are a good one. Doing pull ups on a door frame will work out your lats and back. Squatting with just your body weight will work out your thighs and calves. There are also indoor exercise machines by the hundreds. There's the traditional treadmill and exercise bikes which can be used indoors. Resistance bands and free-weights are also good ones for indoo...
Post a Comment
Read more

Kinect Review

Kinect Review - First presented to the world as Project Natal at E3 2009, Microsoft's Kinect sensor peripheral has since been positioned by the software (and hardware) giant as the next phase of Xbox 360's evolution as a platform. A combination of hardware and software, it's been billed as a means for users to interact with their consoles and play games without using a physical controller, using natural gestures, voice commands and face recognition. I've had a final retail Kinect unit at home for a little over a week now, and have had ample time to put the shiny new gadget through its paces. Is it as magical as expected? Will it transform gaming? Or, more importantly, does it even work? Read on past the break for my in-depth review of this ambitious apparatus. Kinect is a single piece of hardware, yet it incorporates several distinct technologies. There's an infrared emitter that floods your play space with invisible light, paired with a CMOS sensor that then l...
Post a Comment
Read more

'Green Hornet' Star Edward Furlong Jailed

'Green Hornet' Star Edward Furlong Jailed - Troubled former teen star Edward Furlong was thrown in jail Tuesday for allegedly violating a restraining order against his estranged wife, just hours after attending the Hollywood premiere of his new film, “The Green Hornet.” Furlong was arrested during a progress hearing Tuesday morning over the 100-yard, three-year restraining order taken out by Rachael Kneeland, People reported. The “Terminator 2” star was found to have violated the order last month by coming within 50 yards of Kneeland and was booked on $75,000 bail, the Los Angeles City Attorney's Office told news outlets. 'Green Hornet' Star Edward Furlong Jailed The arrest is the latest sad chapter for Furlong since Kneeland filed for divorce in July 2009 after three years of marriage. The pair have a 4-year-old son, Ethan. Soon after their split, Kneeland accused Furlong in court papers of rampant cocaine and other drug use and of making threats against...
Post a Comment
Read more