Reid appointed Pfizer chairman

Pfizer’s Board of Directors has elected current President and CEO Ian Read as its new Chairman and Chief Executive Office with immediate effect.

Mr Read succeeds George Lorch in the role, who himself has been named as the Lead Independent Director of the Board.

A “deeply honoured” Mr Read thanked Mr Lorch for his services as chairman saying he had been a “valuable resource and advisor”.

“Working alongside Pfizer’s dedicated leaders and talented workforce, I remain confident in the strength of our business and of our late-stage pipeline,” said the new chair. “I believe in the future of this company and of our continued ability to deliver value to shareholders and to improve the global health and well-being of people around the world.”

In addition to Mr Read’s election, Marc Tessier-Lavigne and Helen Hobbs have also been promoted to the company’s board. However, Dr Michael Brown, a director since 1996, has notified the board of his intention to retire from his position in April 2012.

“We are pleased to welcome these two preeminent scientists to Pfizer’s Board of Directors,” said Mr Read. “Dr Tessier-Lavigne and Dr Hobbs have made extraordinary scientific contributions throughout their respective careers and will be tremendous assets to the company. The expansion of our board helps ensure that Pfizer will continue to benefit from a diversity of experience.

“We’d like to thank Dr. Brown for his service on the board and dedication to Pfizer over the past 16 years. His expertise and counsel on scientific matters in particular throughout his tenure have been invaluable to the company.”