Pfizer Taps Read As CEO

Pfizer has named Ian C. Read, currently head of the firm's biopharmaceutical operations, as president and CEO, replacing Jeffrey B. Kindler, who resigned on Dec. 5.

Read, 57, joined Pfizer in 1978. He held management positions in Latin America before being named president of Pfizer's international pharmaceuticals group in 1996. Since 2006, Read has managed business units accounting for 85% of the company's revenue.

Kindler, who previously worked for McDonald's and General Electric, had been with Pfizer for nine years. He served as general counsel prior to becoming CEO in 2005. At the time, his replacement of Henry A. McKinnell was viewed as an acknowledgment by Pfizer that it needed to change.

Indeed, Kindler oversaw a significant transformation with the formation of global business units and a simultaneous restructuring of research to eliminate all but the most promising drug candidates and expansion in areas such as biopharmaceuticals. His tenure was capped by Pfizer's 2009 acquisition of Wyeth.

"I feel our team can proudly boast of some transformational accomplishments," Kindler said in a statement. "Now that we are about to complete a full year of operating Pfizer and Wyeth together, with our world class team fully in place, I have concluded the time is right to turn the leadership of the company over to Ian Read."

In a note to investors, stock analyst Jami Rubin of Goldman Sachs applauded the move, citing longstanding questions about the company's strategic direction in marketing and research. "Change will be good for Pfizer, which will now be led by a seasoned executive with over 20 years experience running many different regions and businesses in pharma," Rubin wrote.

Pfizer's announcement follows Merck & Co.'s last week that Kenneth C. Frazier will replace Richard T. Clark as CEO on Jan. 1, 2011. Clark's departure comes approximately one year after Merck's acquisition of Schering-Plough.