Pfizer names CEO as new chairman

Pfizer has announced that its current president and chief executive officer (CEO) Ian Read has been elected as its chairman of the board.

Mr Read takes over the chairmanship following a successful first year in charge of the pharmaceutical giant, with directors citing his experience with the company and expertise in the sector as key reasons for the selection.

He succeeds George Lorch in the position, who will continue to make an active contribution to Pfizer in his new role as lead independent director.

Coinciding with this announcement, the company also announced the addition of Dr Marc Tessier-Lavigne and Dr Helen Hobbs to the board of directors, with all of these changes effective immediately.

Mr Read said: "Working alongside Pfizer's dedicated leaders and talented workforce, I remain confident in the strength of our business and of our late-stage pipeline."

Earlier this month, the company expanded its commercial capabilities by completing the acquisition of the consumer health business of Ferrosan.