Read succeeds Pfizer president and CEO Kindler, who has suddenly retired from the company; announces compliance fund

6 December 2010

Pfizer (NYSE: PFE), the world’s largest drugmaker, late last night said that its board of directors has elected 57-year old Ian Read, currently head of the company's global biopharmaceutical operations, as president, chief executive and director to succeed Jeffrey Kindler, who somewhat suddenly and unexpectedly announced that he has retired from the firm.

The news comes just days after global number two drugmaker Merck & Co announced a succession plan for its CEO, but in that case incumbent Richard Clark will reach mandatory retirement age in the spring (The Pharma Letter December 1).

Given that Mr Kindler is just 55 years old, and that Pfizer has recently faced a number of significant research setbacks as well as impending patent expiries including that of of its top-selling ever drug, the cholesterol lowerer Lipitor (atorvastatin), speculation is rife that his sudden departure is a “push” rather than choice.

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