There was a blurb in the New York Post today about Pfizer CEO and chairman, Jeffrey Kindler abruptly resigning yesterday. The reason he is giving for resigning is he needs to “recharge his batteries.” The Post says “Analysts, however, said he was more likely forced out by a board and institutional investors unhappy with the New York-based company’s languishing stock price, failures of numerous experimental drugs, and a strategy emphasizing repeated acquisitions to bolster revenue and slash costs.” Kindler had been responsible for reconfiguring the pharmaceutical sales operation into five divisions that gave each of its leaders more control. In a Reuters article on the subject they say that Pfizer is nervous about the coming lose of the Lipitor patent. It is hard to tell what the real reason for Kindlers departure is. But it is likely it is more than just to “recharge his batteries.”
Farah
Anytime I hear "recharge the batteries" I cant help but think there must be more to it. I like you do not know the specific but given the facts, I would agree that in this case there is more to it than just taking a break. That is the typical HR line given to lessen publicity, but since I work for a non-profit that has many collaborations with the pharmaceutical industry, I can tell you that I have also heard of recent rumblings within Pfizer and other corporations. There have been quite a few buyouts in the past montsh and I think this will continue for a while.
ReplyDeleteValeria Bonanome