Pfizer Taps Ian C. Read as New CEO (PFE)

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Pharmaceutical giant Pfizer Inc. ( PFE ) on Monday in a surprise announcement said it has named Ian C. Read as its new CEO.

Mr. Read, 57, currently heads up the company's global biopharmaceutical operations. He succeeds previous CEO Jeffrey B. Kindler, who has now retired from the Company.

Departing CEO Jeffrey Kindler commented, "My nearly nine years at Pfizer and, particularly the last four and a half as CEO, have been extremely exciting and rewarding. I feel our team can proudly boast of some transformational accomplishments. However, the combination of meeting the requirements of our many stakeholders around the world and the 24/7 nature of my responsibilities, has made this period extremely demanding on me personally."

Pfizer shares were mostly flat in premarket trading Monday.

The Bottom Line
Shares of Pfizer ( PFE ) have a 4.31% dividend yield, based on Friday's closing stock price of $16.72. The stock has technical support in the $15 price area. If the shares can firm up, we see overhead resistance around the $18-$19 price levels.

Pfizer Inc. ( PFE ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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