Pfizer names new non-executive chairman

Pfizer has confirmed the appointment of George Lorch as the new non-executive chairman of the company's board, effective immediately.

Mr Lorch, the chairman emeritus of Armstrong Holdings, has been an independent Pfizer director since 2000 and will step down from his positions on the compensation and science and technology committees to focus on his new role.

His appointment means that lead independent director Constance Horner will be relinquishing her role, while James Kilts will fill Mr Lorch's vacated position at the head of the compensation committee.

The announcement comes in the same month that Ian Read was named as Pfizer's new president and chief executive officer, taking over from the retiring Jeffrey Kindler.

Mr Lorch welcomed this move, stating that he looks forward to working with Mr Read in their respective new positions to improve the long-term future outlook for the company.

He added: "With his depth of experience and global perspective, Ian Read is the right leader to take Pfizer forward."