Tuesday, January 27, 2009
Pfizer Wyeth contd. - 19,500
Pfizer said it would eliminate about 19,500 jobs from the combined companies over the next three years if the deal is consummated. Pfizer’s chief executive, Jeffrey B. Kindler, said that even without the deal, the company planned to cut 8,000 jobs by 2012. The company has about 4,500 employees in the city, about 1,600 in New Jersey and 5,000 in Connecticut.
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Another thing Pfizer could do with a tiny fraction of the $68b is to fire some of its senior management cadre and hire some of the top brass at Wyeth, Genentech etc. Unlike Pfizer, the Wyeth guys had the foresight to venture into Vaccines and Biologics 7 years earlier. They also had the good sense to stay diversified (OTC meds etc). True that the top tier under McKinnell has already departed but Read, Mackay, Lichtinger, Brandicourt and other folks also served under McKinnell and all they did during those years was to say "Yessir"! Pfizer would also be wise to ditch more of its R&D folks and retain a greater share from Wyeth, if they would really like to transform their R&D productivity. These are some of the lessons from the WL and Pharmacia merger that Kindler should learn from.
Pfizer: Kindler was quoted as to cut 10% or 8000 Pfizer jobs during first half of 2009, after merger with Wyeth cut 15% more, for total of 26000 jobs by end of 2009.
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