Pfizer elects Ian Read as chief executive

Pfizer has announced that Ian Read will succeed Jeffrey Kindler as the firm's president and chief executive.

The appointment follows Mr Kindler's surprise decision to retire from the pharmaceutical giant in order to spend time more with his family and "recharge my batteries".

Mr Read joined the company in 1978 and is currently head of Pfizer's global biopharmaceutical operations.

In his resignation statement, Mr Kindler said his nine years at the firm have been "extremely exciting and rewarding", but acknowledged the personal strain of leading such a large organisation.

"I have concluded the time is right to turn the leadership of the company over to Ian Read," he said.

The 55-year-old described his successor as an "outstanding and experienced pharmaceutical executive".

Mr Kindler, who became chief executive in July 2006, will leave Pfizer after overseeing the company's $68 billion (43.2 billion pounds) acquisition of rival firm Wyeth last year.

Pfizer said the board plans to elect a non-executive chairman from its current membership within the next two weeks.