Jeff Kindler retires from his position as CEO of Pfizer.
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. 
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 15,323.53 | 16.36 | 0.11% |
| Nasdaq | 3,462.29 | -1.01 | -0.03% |
| S&P 500 | 1,652.80 | -2.55 | -0.15% |
| Treasuries | 2.02 | -0.00 | -0.15% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Bank of America Corp... | 13.33 | 0.02 | 0.15% |
| Hewlett-Packard Co | 24.21 | 2.98 | 14.04% |
| Microsoft Corp | 34.40 | -0.21 | -0.61% |
| Micron Technology In... | 11.21 | 0.29 | 2.66% |
| Ford Motor Co | 14.88 | -0.10 | -0.63% |
|
Chrysler and Tesla spar over who has repaid help the automakers got from the federal government. More |
New home sales up 2% in April, as the housing recovery continues to give a lift to the overall economy. More |
Fan fiction, in which aficionados of existing books and movies write characters into new storylines, has long been popular fodder on Internet forums -- but stories based on copyrighted works are essentially impossible to sell. Amazon wants to change that with its new "Kindle Worlds" program. More |
The Obamacare employer mandate forces businesses with 50-plus workers to provide insurance. But many keep getting that cutoff number wrong, saying it's 51. More |
The tornado that struck the Moore, Okla., area Monday afternoon left an almost 2-mile wide path of destruction, flattening homes and businesses and taking at least 24 lives. More |
.
