Pfizer ( PFE) CEO Jeffrey Kindler has been taking his happy pills again. The New York-based drug giant unleashed its latest wave of firings Monday. Pfizer will slash 10,000 jobs and close eight manufacturing or research sites by the end of 2008. The moves aim to trim overhead by as much as $2 billion annually. Kindler, who has spoken at length about his desire to "transform" the company, says Pfizer isn't just tightening its belt. He lists five priorities driving "an ongoing process to change the way Pfizer does business." Priority No. 1, "Maximize revenues in both the short and the long term," is unusually blunt but otherwise unremarkable. In priorities 2 through 4, Pfizer makes the usual noises about investing in growth opportunities, reducing expenses and bolstering accountability. But No. 5, "Make Pfizer a great place to work," shows all too clearly where the company and its slimmed-down workforce are headed. "We're getting leaders closer to colleagues and customers," Kindler says. As a result, he adds, "our colleagues will grow and take on more responsibility than ever." So remaining employees won't just have to work harder. They'll have to do so with their bosses hovering nearby. Looking for a new job almost sounds like the better deal. Dumb-o-Meter score: 91. Covering all his bases, Kindler promises "superior shareholder returns over the short, medium and long term."