Pfizer elects Ian Read as chairman of the board

NEW YORK — Pfizer Inc. announced Monday that its Board of Directors has elected current President and CEO Ian Read as chairman of the board, according to a press release.

Read succeeds George Lorch as chairman of the board.

"Over the past year, Ian has clearly demonstrated the leadership and vision necessary to drive Pfizer''s strategies and achieve the company''s objectives in the continued challenging industry and macroeconomic environment," stated George Lorch. "His broad experience at Pfizer and his deep understanding of the vital role that the pharmaceutical industry plays in advancing global health and in the global economy make Ian the right person for the chairmanship. We are fortunate to have someone of Ian Read''s caliber lead Pfizer."