Frank D’Amelio to Step Down as Pfizer CFO

Frank D’Amelio is retiring as CFO of Pfizer soon after a fourteen-yr tenure in the course of which he played essential roles in transformative transactions and the drugmaker’s reaction to the COVID-19 pandemic.

Pfizer reported Wednesday it experienced begun an external research for D’Amelio’s successor and that he experienced agreed to keep with the organization through the procedure and serve in a consulting role through the changeover.

Frank D’Amelio

In addition to his finance chief role, D’Amelio has served as govt vice president for world-wide provide given that he joined Pfizer in 2007.

“I want to thank Frank for his a lot of many years of service to Pfizer as CFO and for the influence he has experienced on the organization and the sufferers we serve,” CEO Albert Bourla reported in a information launch.

“Frank has pushed a strategic vision for the company’s money achievements, and he leaves Pfizer in a strong situation for foreseeable future advancement owning been instrumental in our multi-yr transformation to an marketplace-primary, science-based mostly biopharmaceutical organization,” he reported.

As part of that transformation, D’Amelio oversaw the divestitures of Pfizer’s animal overall health, consumer overall health, and experienced products companies and the $68 billion acquisition of Wyeth in 2009. Throughout his tenure as CFO, Pfizer generated shut to $one hundred fifty billion in industry cap advancement.

Most recently, Pfizer reported, he “helped manual the corporation through 1 of its most complicated periods as it labored to handle the COVID-19 disaster.”

D’Amelio’s successor will be liable for deploying the dollars that Pfizer is making from its COVID-19 vaccines. The organization is also searching for Food and drug administration unexpected emergency acceptance for a capsule to deal with the virus.

Feasible works by using of the vaccine dollars involve acquisitions, partnerships, or share repurchases, according to Damien Conover, an analyst at Morningstar. “It’s likely to be a large windfall,” he advised The Wall Street Journal. “They’re likely to have to execute genuinely perfectly on redeploying that capital.”

In advance of joining Pfizer, D’Amelio acquired nearly 3 many years of substantial running and money experience at AT&T, Lucent Technologies, and Alcatel-Lucent. He started off his job in 1979 at Bell Labs.

Albert Bourla, COVID-19, Frank D’Amelio, Pfizer, retirement

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