Pfizer appoints new finance chief
pharmafile | August 23, 2007 | News story | Sales and Marketing | Pfizer
Pfizer has appointed Frank D'Amelio as its new head of finance, and says he has a strong track record in leading innovation and business restructuring.
The company's chief executive Jeffrey Kindler has made sweeping changes to the company's management and business structures since he took the job just over a year ago, and D'Amelio's appointment signals a continued drive for change.
The new chief financial officer will have responsibility for all aspects of the company's finances, including treasury, tax and investor development. He succeeds Alan Levin, who was one of several senior victims of a boardroom cull.
Commenting on the appointment, chief executive Kindler said: "Through almost three decades at AT&T, Lucent and Alcatel-Lucent, in both operating and financial roles, Frank was a senior executive in global companies undergoing the kind of rapid and complex changes we have undertaken at Pfizer in response to our own rapidly changing markets."
In keeping with his own appointment from outside the ranks of pharma, Kindler has chosen D'Amelio, a respected figure from the telecoms sector to bring fresh new thinking to Pfizer.
Frank D'Amelio began his career in 1979 at telecoms company AT&T Bell Lab, working in finance and operations roles before becoming CFO of Lucent's Network Systems Business. When Lucent was created in 1996, he helped establish the financial structure of the new company and was part of the team that met investors around the world during Lucent's initial public offering.
He also brings valuable experience from telecoms manufacturing, R&D, marketing and product management of Lucent's switching, access and applications software businesses, a multi-billion dollar global business.
D'Arnelio was promoted to the post of chief administrative officer following the Alcatel-Lucent merger last year, a hands-on role in charge of operations and post-merger integration.
However, Alcatel-Lucent has reported two consecutive quarterly losses this year because of redundancy and other pay-outs after jobs were cut.
D'Arnelio will play a major role in the major on-going cost saving programme at Pfizer. In January this year, the company announced plans to reduce by 10% its 100,000 workforce, and achieve up to $5 billion in annual gross saving by the end of 2008.
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