Pfizer CEO Step Down

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As the news I get form yahoo Finance News this morning the head of the world's biggest drugmaker, Pfizer Inc., has stepped down unexpectedly after less than five years at the helm.

Jeffrey B. Kindler, a lawyer who joined Pfizer in 2002, says in a surprise announcement that he's retiring after what he calls 4 1/2 "extremely demanding" years to recharge his batteries.

Kindler, 55, says he plans to spend more time with family for a while and prepare for new challenges. His successor, Ian Read, takes over immediately.

As we know, Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. The Company applies science and its global resources to improve health and well-being at every stage of life. Pfizer's diversified global health care portfolio includes human and animal biologic and small molecule medicines and vaccines, as well as nutritional products and many consumer health care products. The Company operates in two business segments: Biopharmaceutical and Diversified. Biopharmaceutical includes the Primary Care, Specialty Care, Established Products, Emerging Markets and Oncology customer-focused units. Diversified includes Animal Health products that prevent and treat diseases in livestock and companion animals, and Consumer Healthcare products. In December 2009, Durata Therapeutics, Inc. acquired Vicuron Pharmaceuticals from Pfizer. In October 2010, the Company acquired FoldRx Pharmaceuticals, Inc., a drug discovery and clinical development company. Listed in New York Stock Excange on January 17,1944

As we know, Read, 57, began his career at New York-based Pfizer as an operational auditor in 1978, but his undergraduate training was in chemical engineering. He moved up through leadership positions in Pfizer's Latin America operations, then oversaw operations in Europe, Canada and other areas. By 2002, he was head of operations in Latin America, Africa and the Middle East.

Read was promoted in 2006 to head the global pharmaceutical business, which brings in about 85 percent of Pfizer's revenue. It sells everything from blockbuster cholesterol drug Lipitor and impotence pill Viagra to cancer drugs and specialty medicines, generally pricey injected drugs for complex, chronic diseases.

Read is well enough known to industry analysts and others in the business community that Pfizer spokesman Ray Kerins said the company is not planning an analyst conference call or other announcements on Monday.