Pfizer General Counsel Jeffrey Kindler is taking over as the company's CEO, succeeding Hank McKinnell.

McKinnell will remain as Pfizer's chairman until he retires in February 2007; he faced mandatory retirement based on age in 2008.

"The Board and I see the pharmaceutical industry changing rapidly. Pfizer is changing as well and aggressively transforming its business model to build the next-generation Pfizer," McKinnell said in a July 28 statement.

"With these initiatives well under way, it is time to transition to new leadership to accelerate the company's transformation."

Kindler, who joined Pfizer in 2002, was selected for the top spot over the company's other vice-chairmen, Human Health President Karen Katen and Human Resources head and former CFO David Shedlarz.

In response to the changing industry, "we will transform virtually every aspect of how we do business, focusing on actions that create and sustain value for our shareholders," Kindler remarked in a same-day statement.

Pfizer CEO McKinnell’s Successor Is General Counsel Kindler

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