Pfizer CEO Kindler Steps Down

Jeffrey B. Kindler unexpectedly steps down from the CEO's job at pharmaceutical giant Pfizer.
By TheStreet Staff ,

NEW YORK (

TheStreet

) -- Jeffrey B. Kindler has resigned as CEO of

Pfizer

(PFE) - Get Report

, the world's largest drugmaker.

In a news release, Pfizer said its board had selected, Ian C. Read, 57, who has headed the company's global biopharmaceutical operations, as CEO, president and director.

Kindler's retirement from the firm was unexpected. He had served as CEO for about four- and-a-half years. In the news release, Kindler attributed his decision to the exhausting demands of the job.

"My nearly nine years at Pfizer and, particularly the last four and a half as CEO, have been extremely exciting and rewarding," Kindler, 55, said. "I feel our team can proudly boast of some transformational accomplishments. However, the combination of meeting the requirements of our many stakeholders around the world and the 24/7 nature of my responsibilities, has made this period extremely demanding on me personally."

Shares of Pfizer closed Friday up 3 cents at $16.72.

> > Bull or Bear? Vote in Our Poll

This article was written by a staff member of TheStreet.

Loading ...