We warned you that Pfizer's ($PFE) executive-level turmoil was likely to continue--and it has. In one swift stroke, new CEO Ian Read (photo) has eliminated an layer of management to put himself closer to the action. Now, the folks who head up Pfizer's various units will report directly to Read.
Basically, Read decided not to replace himself; he's eliminating his old job as chief of the company's global pharma business, which accounts for 85 percent of sales. He's also pulling the heads of several business units--including David Simmons, who's taking over the emerging-markets push after the departure of two execs last week--onto the executive committee.
So, Pfizer executive line-up now includes Simmons; Oliver Brandicourt, who runs Pfizer's primary care division, the company's largest; and specialty drugs chief Geno Germano, who now gets responsibility for the oncology unit as well.
CFO Frank D'Amelio will stay on that executive team, of course, but he gets new responsibilities overseeing manufacturing, which will be headed up by Tony Maddaluna, Nat Ricciardi's incoming replacement. Cavan Redmond of animal health and consumer healthcare, also on the executive committee, will add a new role--corporate strategy--to his portfolio. And there's more for Amy Schulman, who's on the committee as general counsel (and will remain so): She'll take over the nutritionals business previously run by Redmond.
- read the news from Reuters
- see the Wall Street Journal article
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