Global Processing

Pfizer CEO Kindler Resigns

December 6, 2010
After more than four years at the helm, Pfizer Inc.’s President and CEO Jeffrey Kindler has resigned from the company, reports the Associated Press. The New York-based pharmaceutical company''s board of directors elected Ian Read, currently head of the company''s global biopharmaceutical operations, to serve as president and CEO. "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," Kindler said in a statement. "Now that we are about to complete a full year of operating Pfizer and Wyeth together, with our world-class team fully in place, I have concluded the time is right to turn the leadership of the company over to Ian Read." Pfizer, which has operations in St. Louis, reported net income of $866 million for the quarter ended Sept. 30, down from $2.9 billion in the same quarter last year. The Wyeth acquisition did boost revenue by 39 percent, to $16.2 million.