NEW YORK (AFX) - Pfizer Inc. said on Tuesday that pharmaceutical division head Karen Katen will leave the company early next year to pursue other opportunities. Katen, who has worked at Pfizer for three decades, was passed over for the CEO spot last month.
It also said that David Shedlarz, the company's chief financial officer who was also vying for the top spot, will add new responsibilities to his portfolio including global manufacturing, strategic planning and licensing.
The announcements were made by Jeff Kindler, who was appointed CEO last month in a move that surprised many analysts because his four years as Pfizer's general counsel are his only experience in the pharmaceutical industry.
Katen's departure is unlikely to faze analysts, who thought she might leave after being passed over for the CEO post.
In a letter to Pfizer employees, Kindler said that Katen had decided to pursue other opportunities but is staying on until early next year at his request to advise him and the company on several areas including health care policy.
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