Pfizer Names New CEO

As for Kindler, before working at McDonald's, he was vice president and senior counsel for litigation and legal policy at General Electric(GE). He was formerly a partner at the Washington law firm of Williams & Connolly.

Kindler said that under his watch "we will transform virtually every aspect of how we do business, focusing on actions that create and sustain value for our shareholders." He also said the company will "pursue a broader portfolio of opportunities, including biologics, oncology medicines, potential new treatments for Alzheimer's disease and even vaccines."

Indeed, the management change comes at a time when Pfizer is in the process of remaking itself. Last month, the company reached a deal to sell its consumer products business to Johnson & Johnson (JNJ) in a $16.6 billion transaction, from which Pfizer expects proceeds of around $13.5 billion.

With the sale and expected cash flow from operations over the next two and a half years, Pfizer should be in control of about $34 billion after capital expenditures and dividends.

Last week, when it reported quarterly earnings, Pfizer said it would spend $17 billion to buy select technologies and products, while setting aside a similar amount for stock repurchases.

At the same time, the company lifted its full-year financial guidance. The focal point of Pfizer remains Lipitor, the best-selling prescription medication on the planet. This year, Pfizer is looking for product revenue of about $13 billion from the cholesterol fighter.

Still, some Wall Street analysts say the company needs more new products to make up for brand-name drugs that have already or will be losing patent protection in the coming years.

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