Ian C. Read has been elected Pfizer's president, CEO and director, succeeding Jeffrey Kindler, who is leaving the company.

Since 2006, Read has led Pfizer's worldwide biopharmaceutical businesses, which now comprises five global business units - Primary Care, Specialty Care, Oncology, Established Products and Emerging Markets - and accounts for approximately 85% of the company's annual revenues.

Kindler took over at the helm of Pfizer in 2006 and guided the company through its acquisition of Wyeth. He said, "Now that we are about to complete a full year of operating Pfizer and Wyeth together, with our world-class team fully in place, I have concluded the time is right to turn the leadership of the company over to Ian Read ... I am excited at the opportunity to recharge my batteries, spend some rare time with my family, and prepare for the next challenge in my career."

Pfizer said its board will elect a non-executive chairman from its current membership at its next regularly scheduled meeting that will take place within the next two weeks