Pfizer Finds New CFO

Pfizer (PFE Quote - Cramer on PFE - Stock Picks) said Wednesday that it has hired Frank D'Amelio as its new chief financial officer, effective in mid-September.

D'Amelio replaces Alan Levin, who announced his resignation in May.

Since 1979, D'Amelio has worked in the telecommunications field. Most recently, he was senior executive vice president and chief administrative officer at Alcatel-Lucent(ALU Quote - Cramer on ALU - Stock Picks).

He was chief financial officer at Lucent for five years and was briefly chief operating officer before Lucent merged with Alcatel. He started in 1979 at AT&T Bell Labs.

Pfizer is one of several major drugmakers, including Merck (MRK Quote - Cramer on MRK - Stock Picks), Wyeth(WYE Quote - Cramer on WYE - Stock Picks) and Amgen (AMGN Quote - Cramer on AMGN - Stock Picks), that have announced new CFOs in recent months.

AstraZeneca(AZN Quote - Cramer on AZN - Stock Picks) is searching for a new CFO to replace Jon Symonds, who left in July.