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Pfizer CEO Ian Read named chairman of the board
Pfizer CEO Ian Read elected to chairman of the board of directors
By The Associated Press

NEW YORK (AP) ' Drugmaker Pfizer Inc. says company Chief Executive Ian Read has been elected to the additional position of chairman of the board of directors.

Read replaces George Lorch, a former executive with Armstrong Holdings, who has served on Pfizer's board since 2000.

Read took over as CEO and president of Pfizer last December, after CEO Jeffrey Kindler was ousted unexpectedly by Pfizer's board. Kindler's four-year tenure was characterized by languishing share prices and several failures of promising drugs in late testing, including a successor to cholesterol fighter Lipitor.

Read previously ran Pfizer's worldwide pharmaceutical operations since 2006 and has spent his entire career at the New York company.

Pfizer also announced the election of Marc Tessier-Lavigne and Helen Hobbs to its board of directors.

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