Pfizer Announces Plans To Cut 20% of Its U.S. Sales Force
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Pfizer Inc. said late yesterday that it plans to cut 20% of its American sales force as the first step in the comprehensive review of operations announced last month by the world’s largest pharmaceutical maker.
New York-based Pfizer said it will disclose additional actions, and its long-term outlook, in January.
“The changes we are making today will better align our sales organization to our overall customer and business needs,” Chief Executive Jeffrey Kindler said in a company statement.”This is an important step toward making Pfizer a more agile and effective company.”
Mr. Kindler was named to succeed Hank McKinnell as chief executive in late July. He had joined Pfizer in 2002 as general counsel and became a vice chairman a year and half earlier.
Two weeks after Mr. Kindler was given the title, Pfizer said Vice Chairwoman Karen Katen was leaving the company while fellow Vice Chairman David Shedlarz was being given an expanded role. Mr. Kindler, meanwhile, is staying on as chairman until next February.
The move had many on Wall Street speculating that Pfizer saw acquisitions as a way to invigorate its business.
The company has recently faced some challenges, notably patent expirations on some of its key revenue drivers.
