Pfizer CEO Hank McKinnell was boosted from his top executive spot on Friday and replaced by company veteran Jeffrey Kindler, who vowed to shake up every aspect of the troubled drug giant. McKinnell, who was scheduled to exit in 2008, stays on as chairman until early next year. Analysts were quick to point to McKinnell's caustic style in the face of mounting troubles for his early departure. Autocratic behavior doesn't sit well with investors when the company's stock price is scraping eight-year lows. Kindler, who has been in charge of legal affairs, is certain to bring a much more polished approach to the job. Two other top execs--David Shedlarz and Karen Katen--also competed for the top spot and outside observers are taking a wait-and-see attitude about whether they'll remain.
- here's the article [1] from The Australian for more
Links:
[1] http://www.theaustralian.news.com.au/story/0,20867,19962832-36375,00.html