Pfizer Picks Ikenberry

The longtime board member will take a new role as lead director.
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Pfizer

(PFE) - Get Report

named director Stanley Ikenberry to a newly created lead director post.

The New York-based pharmaceuticals giant said Ikenberry "will preside over executive sessions of Pfizer's independent directors and will facilitate information flow and communication between the directors and the chairman." Pfizer's chairman and CEO is Hank McKinnell.

The move comes as good-government types have been lobbying big companies to ensure their boards remain independent from management, by doing things like naming a lead director or separating the chairman and CEO posts.

Ikenberry was first elected to the Pfizer board in 1982, the company said. He was president of the University of Illinois from 1979 to 1995.

On Wednesday, Pfizer shares fell 6 cents to $24.74.