Pfizer Inc abruptly replaced Chief Executive Hank McKinnell on Friday, selecting its top lawyer, Jeffrey Kindler, to run the world's largest drugmaker.
McKinnell, 63, who was criticised by investors for his irascible nature and large compensation package at a time when Pfizer struggled to grow and its stock price fell, will remain chairman until February 2007. He was originally slated to stay on as head of the New York drugmaker until February 2008.
"The board somewhat belatedly, but thankfully, recognised the need for a clean slate and expeditious change," said Viren Mehta, a principal of New York research firm Mehta Partners.
Kindler, 51, a Harvard law school graduate and former law clerk for Supreme Court Judge William Brennan, joined Pfizer in 2002 after serving as general counsel of McDonald's Corp. He beat out two fellow senior executives for the top spot.
Comments
Comments are closed.