Pfizer Hires Its New CFO From Telecom

Make a comment

frank-damelio.jpgFrank D’Amelio, 49, who is currently a senior exec vp for integration and the chief administrative officer at Alcatel-Lucent, next month will also become a senior vp and report directly to ceo Jeff Kindler. He succeeds Alan Levin, who resigned from the drugmaker last May. Previously, D’Amelio was both coo and cfo at Lucent.

“We are very pleased that an executive with Frank’s skills, integrity, global experience and proven leadership is joining our management team,” Kindler says in a statement. “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 other words, Pfizer has a hired a cfo with experience in another industry that went through turmoil in the form of contraction and a loss of investor confidence. And as Barbara Ryan, a Deutsche Bank analyst notes, “Importantly, D’Amelio was also responsible for overseeing the integration process for the recent Alcatel-Lucent merger.” Given the recent chatter about a merger, perhaps involving Wyeth, this is seen as a plus.

Kindler is more specific, in a vague way: “He drove product innovations and strong performance in the operating units he led…

…before assuming the role of Lucent’s Executive Vice President, Administration and Chief Financial Officer in May 2001, which was early in a period of fundamental change in the global technology markets. Over the next five years he played a crucial role in recapitalizing and restructuring the company, culminating in the 2006 Alcatel-Lucent merger, where he has led the global integration of the two companies.

He has extensive knowledge of the capital markets as well as broad experience working with the investment community, regulatory bodies and rating agencies. As CFO, Frank will lead an accomplished team in our Finance division, and I am confident he will bring valuable new perspectives to our business and financial strategies as we continue to respond aggressively to our challenges and opportunities and work to enhance the value of Pfizer.”

For a wee bit more on D’Amelio’s approach to his Lucent travails, see Matt Herper’s piece at Forbes.

Jump to comments

Share

Comments are closed.

Subscribe

RSS Feed

Comments feed for this post only.

Clear

Clear

© 2007- 2008 Newark Morning Ledger Co.  All Rights Reserved.

Thanks for trying out the new Pharmalot printing tools. If you're got any suggestions for how we can help you print better, please let us know by clicking on the contact link at http://www.pharmalot.com/