Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Pfizer CEO leaves 'extremely demanding' job

jeff_kindler.gi.top.jpgJeff Kindler retires from his position as CEO of Pfizer. By Catherine Clifford, staff reporter


NEW YORK (CNNMoney.com) -- Pfizer said CEO Jeffrey Kindler has retired from the job because it had been "extremely demanding" on him personally.

The drug maker named the head of its global biopharmaceutical operations, Ian Read, as Kindler's successor.

"The combination of meeting the requirements of our many stakeholders around the world and the 24/7 nature of my responsibilities has made this period extremely demanding on me personally," said Kindler in a prepared statement released late Sunday. "I am excited at the opportunity to recharge my batteries, spend some rare time with my family, and prepare for the next challenge in my career."

Kindler had been at Pfizer for 9 years and CEO for four and a half of those years.

During Kindler's time at the helm, Pfizer acquired Wyeth, completing the transaction on Oct. 15, 2009. Since then, the work force has been reduced by 6,900 workers.

As of May, the total work force was approximately 113,800, down from 138,000 people that were employed by both companies in 2008. The company plans to reduce the total to 107,800 in five years.

Pfizer shares eased 0.6% in premarket trading. To top of page

Index Last Change % Change
Dow 17,694.68 284.96 1.64%
Nasdaq 4,779.25 0.00 0.00%
S&P 500 2,070.77 0.00 0.00%
Treasuries 1.48 0.02 1.10%
Data as of 11:53pm ET
Company Price Change % Change
Bank of America Corp... 13.19 0.49 3.86%
Southwestern Energy ... 13.03 -0.86 -6.19%
Alcoa Inc 9.10 -0.23 -2.47%
Micron Technology In... 13.19 0.20 1.54%
Apple Inc 94.40 0.81 0.87%
Data as of 4:03pm ET
Sponsors

Sections

Lesedi La Rona, the 1,109-carat diamond found last November, fails to find a bidder willing to pay the minimum price in London auction. More

Investors are already sifting through the Brexit market rubble for opportunities. Morgan Stanley compiled a list of highly-rated stocks that have limited or no direct exposure to the situation in the U.K. More

West Elm partners with Casper, a two-year-old startup, to get in on the $14 billion mattress industry. More