Allergan deal prompts Pfizer to name new executives to run units
Pfizer Inc.'s president of innovative pharmaceuticals is out of a job in anticipation of a company reorganization following completion of its $150 billion Allergan merger.
Geno Germano, who had led the group responsible for marketing patented drugs, is being replaced immediately by Albert Bourla, currently president of Pfizer's Vaccines, Oncology and Consumer group – an organization that after the merger completion will be combined with innovative pharma, the company said in a release.
Other highlights of the combined management team include Ian Read staying on as chief executive of what will be known as Pfizer plc and Allergan CEO Brent Saunders being retained as chief operating officer.
"We are designing the combined company to preserve and enhance our option to potentially separate the innovative and established businesses into separate companies in the future, and continue to expect to make a decision about any potential separation by no later than the end of 2018," Read said in a statement.
Pfizer said the merged company will feature a new division headed by Allergan executive Bill Meury to be known as Global Specialty and Consumer Brands. Under this unit, Allergan's ophthalmology and aesthetics businesses (including Botox) will be combined with Pfizer's consumer healthcare segment.
Bourla will be added to Pfizer's executive leadership team, as will Tony Maddaluna, head of supply; Bill Meury, president of global specialty and consumer brands; Laurie Olson, head of strategy, portfolio and commercial operations, and John Young, head of the established-drug division.
Others retaining their roles include Frank D'Amelio, chief financial officer; Mikael Dolsten, president of worldwide research; Freda Lewis-Hall, chief medical officer, and Sally Susman, head of corporate affairs. Rady Johnson, Doug Lankler and Chuck Hill round out the executive leadership team along with Read and Saunders, who some have seen as the heir apparent for Pfizer's CEO post.
"Pfizer and Allergan will continue to operate as two separate companies until the close of the transaction, which is expected in the second half of 2016," the company said in a release.
l.howard@theday.com
Twitter: @KingstonLeeHow
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