Processing Magazine

Pfizer CFO, research head stepping down

May 21, 2007

Jeffrey Kindler, the chief executive of the world''s largest drug maker Pfizer Inc., continued to clean house with the announcement late Sunday that the company''s research and development chief and chief financial officer will soon leave, according to the Associated Press. The news comes as the company seeks to cut 10,000 jobs, or 10 percent of its work force, as it tries to boost profits with tepid sales anticipated in the near future. Kindler, the architect of the company''s transformation, became Pfizer''s CEO and chairman last year. John LaMattina, the longtime president of global research and development, will retire from the company by the end of the year, Pfizer said. The company''s chief financial officer, Alan Levin, also resigned. Pfizer said both executives have agreed to remain at the company during the search for their replacements. LaMattina, 57, has been with the company since 1977 and, as the head of research and development, was tasked with keeping Pfizer''s product line vital. Levin, 45, took over as chief of finance in 2005.