Pfizer Inc. said Wednesday it’s launching a search for a new chief financial officer because its current CFO Frank D’Amelio will retire. D’Amelio also held the position of executive vice president of global supply. The company named 18-year veteran Mike McDermott as executive vice president and chief global supply officer and a member of the company’s executive leadership team reporting to chairman and CEO Albert Bourla, effective Jan. 1. D’Amelio joined Pfizer in 2007. During his tenure, he oversaw $150 billion in market cap growth and steered the company through its acquisition of Wyeth, along with other deals. McDermott started with the company in 2003 as head of then Wyeth’s biotech manufacturing operations at its Pearl River, N.Y. site. He was named president of Pfizer Global Supply in 2019. “As a result of his efforts, Pfizer expects to achieve the goal of producing three billion doses of COVID-19 vaccines in 2021 and four billion doses in 2022,” the company said. Shares of Pfizer are up 34.8% so far this year, compared to a rise of 25.2% for the S&P 500.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.