Pfizer ($PFE) added to its lineup at Zoetis, the animal health unit preparing for a spinoff. The drugmaker tapped 9 executive vice presidents to back up previously appointed CEO Juan Ramon Alaix.
Among the new EVPs is Kristin C. Peck, who has served on Pfizer's executive committee. From her post as EVP for worldwide business development, which she's held since 2010, Peck will move to EVP and group president of Zoetis.
Zoetis has filed IPO documents for a 20% stake in the company, intending to complete the offering in the first half of next year. The plan is to develop a market for Zoetis stock, and sell off the remaining 80% later.
The Zoetis spinoff is part of Pfizer's streamlining plan, aimed at removing distractions so that the company can refocus on its core drug operations. After a strategic review, CEO Ian Read said the company would divest its baby formula business and its animal health unit, leaving its "innovative" branded business and its "value"-based generics and consumer health units. Pfizer has already agreed to sell the nutrition unit to Nestlé for almost $12 billion.
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