Pfizer CEO to Retire at Year’s End

Pfizer Inc., the world’s No. 2 drug maker, said Chief Executive William Steere will retire at the end of the year, leaving the top job to Henry McKinnell, the company president who led its $110-billion acquisition of Warner-Lambert Co. The move had been expected by Wall Street since at least March, when published reports said Steere was moving up his retirement date to the beginning of 2001 from mid-2001. Since becoming CEO in 1991, Steere, 64, has overseen the launch of the hugely successful drugs Viagra and Lipitor, along with five other current blockbuster medicines. Steere will continue as chairman through April 2001, when he turns 65 and company policy requires him to retire. He will remain on the board. Pfizer shares fell 19 cents to close at $42.56 on the NYSE.