PFIZER Inc, the American drug maker that replaced its chief executive officer and vice chairman in the last year, said yesterday that Alan Levin has resigned as chief financial officer and John LaMattina, global head of research, will retire.
Levin, who was appointed CFO in March 2005, is leaving after 20 years to "pursue career opportunities outside Pfizer," the New York-based company said in a statement yesterday. Levin agreed to continue in his position while the company searches for a replacement, Bloomberg News reported.
Chief Executive Officer Jeffrey Kindler took over last year from Hank McKinnell and shook up the management of the world's largest drug maker. Pfizer plans to fire 10,000 workers as generic copies of its top-selling drugs cut into sales. The company needs new medicines after its most-promising new product, torcetrapib for cholesterol, failed in a study.
"We intend to make our internal capability even more effective by tapping into the best scientific capability outside our walls - wherever it exists," Kindler said in the statement.
LaMattina will retire by December after 30 years with the maker of Lipitor, the world's best-selling medicine. Pfizer said it will begin a search both inside and outside the company for his successor, and LaMattina has agreed to remain during this period to ensure a smooth transition.
McKinnell was ousted last year. His leadership came under fire as Pfizer struggled to find new medicines and Pfizer's shares lost 40 percent of their value in his five years in the top job.
Source: Shanghai Today