Here to talk about pfizer s earnings, the man at the top, chairman and ceo hank mckinnell. Jul 30, 2006 true, hank mckinnell is retiring at least a year before he said he was going to. American express sets ceo compensation standard the. Hank mckinnell is chairman and ceo of pfizer, the largest, most.
Dec 06, 2010 pfizer today looks a lot like pfizer when mckinnell was forced out by shareholders who were angry at the value he had destroyed. Pfizer ceo hank mckinnell received a mccloy award from the american council on germany for promoting transatlantic economic ties. The pfizer board has been focused for some time on an orderly process of succession planning, spokesman paul fitzhenry wrote in a statement on the matter. Hank mckinnell, chairman and ceo of pfizer fox news. Did ceo jeff kindler get pushed out because he was shaking up the dysfunctional. Hank mckinnell, with the notion that you will learn what this pharma executive believes the industry should do to reform itself, you are in for a big surprise. During his time at pfizer, mckinnell helped turn the company from a leader in the pharmaceutical industry into a. With that cleared up, ian read has actually been a very effective leader of a drug company over the last 4 years. As incisive as eric schlossers bestselling fast food nation, as rigorous as joseph e. He also writes that perhaps pharmaceuticals represent too low a percentage of.
Optimer pharmaceuticals board of directors appoints board. The pathological pursuit of profit and power 04 edition. Hank mckinnell, who built pfizer into the worlds largest drug maker, was replaced as chief executive late on friday after disappointing shareholders and raising questions on wall street about. Hank mckinnell has written an astonishing book in which he admits that he doesnt always believe in what hes saying 11, that drugs from. He also currently holds the positions chairman of the board of credit ratings company moodys corporation and chairman of the board of. Chief scientific officer and president, worldwide research, development and medical of pfizer inc. Kindler, 51, also was elected to the drugmakers board. He joined pfizer japan in 1971 and held a number of leadership positions, including.
Mckinnell became ceo in 2001, pfizers shares have lost more than 40% of their value. Mckinnell became ceo in 2001, pfizer s shares have lost more than 40% of their value. Pfizer inc chief executive henry a mckinnell jr says company is on. Thats why i was more than pleased to read coverage in fortune magazine of american express nyse. What about pfizer ceo hank mckinnell sitting on the board of exxon mobile and pocketing money from the two industries americans are having the hardest time affording literally having america and its seniors by the throat. There wont be a single magic bullet or big bang new strategy or business model, said pfizer chairman and ceo hank mckinnell, speaking to analysts at a conference in new york.
Cochran the only woman ceo of a public company in the birmingham area got a 28 percent pay raise this year, which pushed her compensation package for the first. Aflcio members hired a plane to fly over pfizers annual meeting in lincoln, neb. Oct 12, 2007 pfizer ceo jeff kindler supports hillary clinton for president. He also currently holds the positions chairman of the board of credit ratings company moodys corporation and chairman of the board of the accordia global health foundation. Dr mckinnell, who first joined optimer in 2011 as a director, has a strong pedigree in pharma, serving as ceo and chair of pfizer from 2001 to 2006. Thats what henry mckinnell did as ceo of pharmaceutical giant pfizer, taking a 72% pay increase in 2005 as its company struggled to reduce costs in light of. Occasionally, in this book, mckinnell acknowledges that pfizer could have. But philosopher george santayanas famous aphorism is especially poignant for the successful marriage of the two companies. Kindler, the companys general counsel and a former mcdonalds corp.
Pfizer can mold its future by learning from the past. Hank mckinnell is the chairman and ceo of pfizer inc, the worlds largest researchbased pharmaceutical company. In the 2000 annual report, then ceo bill steere discusses pfizer s rise to industry prominence with the acquisition of warnerlambert. Board of directors mckinnell to advise growing pharmaceutical company focused on a treatment for sickle cell diseaselos. Hank mckinnell is chairman and ceo of pfizer inc, the worlds largest researchbased pharmaceutical company. Pfizer ceo kindler quits, without fulfilling major goals. If you buy the book a call to action by pfizer s ceo, dr. In 2003, the first eighteen global health fellows are sent into the field. According to gmis report, at the companys 2006 annual meeting, a shareholder. The corporation draws on indepth interviews with such wideranging figures as ceo hank mckinnell of pfizer, nobel prizewinner milton friedman, business guru peter drucker, and critic noam chomsky of mit. With limited resources, you obviously focus the program on those with the greatest needs, pfizer ceo hank mckinnell said at a january 15 news conference. Pfizer board defends 20 percent raise it awarded to henry a mckinnell, chairman. Hank mckinnell, ceo and chairman of pfizer, announces the global health fellows program at the world aids conference in barcelona a call to action for pfizer colleagues to volunteer in developing countries for up to six months on hivaids projects.
Pfizers hank mckinnell replaced as ceo financial times. Seven varieties of books that retired ceos want to write. Pfizer s shares have slid 30 percent, during kindlers twoyear tenure, and thats on top of a nearly 50 percent drop under his predecessor, former ceo hank mckinnell. Hank mckinnell, who built pfizer into the worlds largest drug maker, was replaced as chief executive late on friday after disappointing. Skyhigh payouts to top executives prove hard to curb wsj. Backed by extensive research, the corporation draws on indepth interviews with such wideranging figures as ceo hank mckinnell of pfizer, nobel prizewinner milton friedman, business guru peter drucker, and critic noam chomsky of mit. But hey, i wouldnt want to be running pfizer right now, either. Thats what henry mckinnell did as ceo of pharmaceutical giant pfizer, taking a 72% pay increase in 2005 as its company struggled to reduce costs in light of projected earnings losses. The other is counterfeit, maybe bought by an undercover pfizer investigator, or intercepted when smugglers crossed a border, or perhaps seized in a raid on an illegal. This despite investor anger about his rich retirement benefits. When mckinnell left pfizer in 2006, the stocks price had declined by 46%. Former pfizer ceo henry mckinnell appointed ceo of optimer. Hank mckinnell gives the impression of being a thoroughly decent man.
Kindler as chief executive officer to replace hank mckinnell, 63, who will remain chairman of the board of the worlds largest drug. He joined new yorkheadquartered pfizer in 2002 as senior vice president and. In the 2003 report, new ceo hank mckinnell discusses pfizers performance goals and its acquisition of pharmacia, which gave it control of antiarthritis drug celebrex. This impressive volume is a collection of thought leadership pieces written by leaders in business, academia and consulting firms from around the world, in conjunction with the firm heidrick and struggles. This is an abrupt departure from the path taken by kindlers predecessor, hank mckinnell. Kindler as chief executive officer to replace hank mckinnell, 63, who will remain chairman of the board of the worlds largest drug company until his retirement in february 2007. In the 2000 annual report, thenceo bill steere discusses pfizers rise to industry prominence with the acquisition of warnerlambert. In the 2003 report, new ceo hank mckinnell discusses pfizer s performance goals and its acquisition of pharmacia, which gave it control of antiarthritis drug celebrex. Mckinnell, who left the giant drugmaker with a controversial golden parachute from pfizer in. He originally worked towards a degree in chemistry but later changed his declared degree to business. Chief financial officer and executive vice president, global supply and business operations. Chief digital and technology officer, executive vice president. Perspectivesbook in brief volume 366, issue 9492, p1156, october 01.
He makes the following disclaimer in his book, much of what i have to say is aligned with pfizer s policies on the issues. Stiglitzs globalization and its discontents, and as scathing as michael moores stupid white men, joel bakans new book is a brilliantly argued account of the corporations pathological pursuit of profit and power. He is a devoted husband and father and, in his role as chairman and ceo of pfizer inc. With these initiatives well underway, it is time to transition to new leadership to accelerate the companys transformation. I wouldnt call pfizer a great drug development company but they have been an excellent drug company. It is one of the worlds largest pharmaceutical companies. Shots health news the fundamental and unsolved problem for kindler was puny growth and a shortage of new drugs. It is listed on the new york stock exchange, and its shares have been a component of the dow jones industrial average since 2004. Henry mckinnell news newspapers books scholar jstor july 2009 learn how and when to remove this template message. Jul 31, 2006 pfizer is changing as well and aggressively transforming its business model to build the nextgeneration pfizer, said hank mckinnell, chairman and chief executive officer.
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