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 17,651.26 -99.65 -0.56%
Nasdaq 4,725.64 -37.58 -0.79%
S&P 500 2,051.12 -12.25 -0.59%
Treasuries 1.78 -0.02 -0.89%
Data as of 4:14pm ET
Company Price Change % Change
Bank of America Corp... 14.14 -0.22 -1.53%
Freeport-McMoRan Inc... 11.80 -0.21 -1.79%
Micron Technology In... 10.01 -0.35 -3.38%
Apple Inc 94.20 -0.98 -1.03%
General Electric Co 30.05 -0.58 -1.89%
Data as of 3:59pm ET
Sponsors

Sections

The diet company's stock has shed nearly half its value this year. Investors are skeptical that Weight Watchers can turn things around -- despite the stamp of approval from board member and spokesperson Oprah Winfrey. More

The jobs market is near full employment with 14 million jobs added since early 2010. Gas prices are cheap. Home prices are rising. The stock market is near record highs. So why does everyone think the economy stinks? More

Visa says new software will allow consumers to check out with chip cards as fast as swiping a card with magnetic strip. More