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

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 17,757.91 138.40 0.79%
Nasdaq 5,013.12 0.00 0.00%
S&P 500 2,077.42 0.00 0.00%
Treasuries 2.42 0.08 3.55%
Data as of 6:44am ET
Company Price Change % Change
Bank of America Corp... 17.22 0.33 1.95%
AT&T Inc 35.57 -0.20 -0.56%
Ford Motor Co 14.99 -0.03 -0.20%
Delta Air Lines Inc 40.27 -0.81 -1.97%
General Electric Co 26.66 0.02 0.08%
Data as of Jul 1
Sponsors

Sections

Entrepreneur Guillaume Gauthereau is on a mission to build a 50 to a 100 acre sanctuary in New York to provide refuge to honey bees. More

Starting Wednesday, the Department of Education will make sure students don't take on more debt than they can handle by holding schools accountable for the return on investment of their degree programs. More