By Andrew Jack in London
Pfizer’s board is facing criticism following the abrupt departure last weekend of Jeffrey Kindler, chief executive of the US pharmaceuticals group.
The appointment of Ian Read to replace Mr Kindler, without external candidates being considered, has renewed concern among some analysts over the longer-term performance of the company and its board.
Pfizer plans to appoint a non-executive chairman within two weeks, splitting the two top jobs formerly held by Mr Kindler.
Some critics argue a strong external chairman with industry experience should be appointed as part of a broader restructuring of the board. They say the board was comprised of directors who are older, longer-standing and with little operational knowledge of the sector compared with their peers.
Martin Shkreli, head of MSMB Capital Management, a hedge fund with a small holding in Pfizer, has written to several large investors this week arguing the case for an outsider “to energise and change the culture of irresponsibility that permeates Pfizer”.
“Pfizer’s board of directors has been largely composed of the same value destroyers for more than a decade,” he said.
Tim Anderson, an analyst with Sanford Bernstein, said: “When does the board take accountability? It’s been in place for many years and is partly responsible.”
The board will meet next week to appoint the new chairman following the resignation of Mr Kindler, which insiders say was sparked by a dispute with the board over the appointment of Mr Read as chief operating officer as concern grew over Pfizer’s performance. Among those being tipped is Pfizer director George Lorch, 68.
Charles Butler at Barclays Capital wrote in a research note: “Had Ian Read been appointed the interim CEO, allowing for some time for the board and shareholders to evaluate his leadership, we would have viewed the announcement in a more positive light.” One industry adviser who knows several Pfizer directors said Mr Kindler’s departure reflected their growing intervention for shareholders’ interests, following a decision last year to formally separate the roles of chief executive and chairman.
The average length of service of Pfizer’s 14 directors, with an average age of 66, is more than nine years. William Steere, 73, the former chief executive long seen as the eminence grise and the only one with pharmaceutical industry management experience, joined the board in 1987.
Pfizer declined to comment.
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