Pfizer Names New Executives to Run Units After Allergan Dealby
Geno Germano, president of innovative drugs unit, to step down
Allergan executive will lead new division housing Botox
Pfizer Inc. announced a new leadership structure for when it closes its about $160 billion deal with Allergan Plc, naming two Pfizer executives and an Allergan employee to run three different segments within the company’s two main businesses.
Albert Bourla, who runs the drugmaker’s vaccines, oncology and consumer business, will take over what Pfizer calls the “innovative pharma” half of the company, which includes many of the drugmaker’s newer brand-name products. Bill Meury, an Allergan executive, will run a new unit that will be part of the innovative pharma division that includes many of Allergan’s drugs, called global specialty and consumer brands.
John Young will continue to run Pfizer’s established products business of older medicines and generic drugs. Geno Germano, currently president for the global innovative pharma business, will leave the company, Pfizer said in a statement Monday.
This isn’t the first time the company has juggled its top roles in anticipation of a potential split.
In July 2013, Pfizer announced plans to internally separate into three business segments, giving Germano a unit with drugs for inflammation, immunology and rare diseases, among other therapeutic areas. Another division went to then-general counsel and head of consumer products Amy Schulman. And Young was named to run a “value products group” that resembles the current established products business. Schulman left the company five months later, and Bourla was given her job running the business.
Monday’s announcement doesn’t affect the roles of Pfizer Chief Executive Officer Ian Read, who will continue to lead the company, or Allergan CEO Brent Saunders, who will become president and chief operating officer after the deal closes. Pfizer is considering breaking up into two separate companies, and the company said the new management roles won’t affect that timing. The deal with Allergan is expected to close in the second half of this year.
The drugmaker’s shares fell 1.2 percent to $28.68 at 11:10 a.m. in New York. The Standard & Poor’s Pharmaceuticals, Biotechnology & Life Sciences Index fell less than 1 percent.