A Management Shake-Up At Pfizer Raises Questions

2011 is likely to be a defining year for Pfizer and the Big Pharma has hit the ground running. In early December, the board of directors announced a management shake-up, as CEO Jeff Kindler resigned unexpectedly and the board simultaneously elected veteran Pfizer executive Ian Read to replace him. In the ensuing weeks, the board also named a new non-executive chairman, George Lorch, former chairman and CEO of the diversified conglomerate Armstrong Holdings. In addition, it consolidated leadership of several business units and appointed some of those leaders to its executive committee.