Ian C. Read, currently head of Pfizer’s global biopharmaceutical operations, has been appointed president, chief executive officer and director of Pfizer. Mr. Read succeeds Jeffrey B. Kindler, who has retired from the company.

Mr. Kindler commented, “My nearly nine years at Pfizer, particularly the last four and a half as CEO, have been extremely exciting and rewarding. I feel our team can proudly boast of some transformational accomplishments. However, the combination of meeting the requirements of our many stakeholders around the world and the 24/7 nature of my responsibilities, has made this period extremely demanding on me personally. Now that we are about to complete a full year of operating Pfizer and Wyeth together, with our world-class team fully in place, I have concluded the time is right to turn the leadership of the company over to Ian Read. Ian is an outstanding and experienced pharmaceutical executive who I know will make the next phase of the company’s future a successful one.”

Mr. Read said, “I am honored to lead an organization with outstanding and dedicated colleagues on the front lines of medical innovation. We have a broad portfolio that spans the entire spectrum of human and animal health, from vaccines to biologics to primary care, specialty care, oncology, consumer products, nutritionals and beyond.I have great confidence in the strength of our company and our leaders and will be looking at the performance and potential of all of our businesses to ensure we are delivering value to our customers and shareholders. We have all the elements for success—financial strength, global reach, a disciplined focus on the therapeutic areas with the strongest growth potential and a talented and dedicated workforce.”

Since 2006, Mr. Read led Pfizer’s worldwide biopharmaceutical businesses, which now includes five global business units: Primary Care, Specialty Care, Oncology, Established Products and Emerging Markets, and accounts for approximately 85% of Pfizer’s annual revenues. Mr. Read joined the company in 1978 and held positions of increasing responsibility, including president of Pfizer’s International Pharmaceuticals Group with responsibility for Latin America and Canada, corporate vice president, responsible for Europe in addition to Canada, and later the Africa/Middle East and Latin American regions were added to his leadership responsibility.