8-KLeadership ChangesExhibits & Filings

PFIZER INC 8-K Report, Executive Changes (Feb 28, 2020)

Filed February 28, 2020For Securities:PFE

Summary

This 8-K filing from Pfizer Inc. (PFE) reports on key changes within its Board of Directors. Most notably, James Quincey, the current Chairman and CEO of Coca-Cola, has been elected to Pfizer's Board, effective February 27, 2020. He has also been appointed to the Compensation Committee and the Science and Technology Committee, indicating a significant level of engagement and trust from the board. Additionally, the filing announces the upcoming departure of W. Don Cornwell from Pfizer's Board. Mr. Cornwell will resign upon joining the board of directors of Viatris, the new entity expected to be formed from the combination of Mylan N.V. and Upjohn Inc. This move is contingent on the closing of that transaction, which is anticipated in mid-2020. These board adjustments suggest a strategic focus on leadership and governance as the company navigates its operational landscape.

Key Highlights

  • 1James Quincey, Chairman and CEO of Coca-Cola, elected to Pfizer's Board of Directors.
  • 2Mr. Quincey appointed to the Compensation Committee and Science and Technology Committee.
  • 3W. Don Cornwell to resign from Pfizer's Board.
  • 4Mr. Cornwell's resignation is tied to him joining the board of the newly formed Viatris company (Mylan/Upjohn combination).
  • 5The planned combination of Mylan and Upjohn is expected to close in mid-2020.
  • 6Mr. Quincey will receive compensation in line with Pfizer's standard director arrangements.
  • 7Mr. Quincey has been provided with an indemnification agreement.

Frequently Asked Questions

James Quincey is the Chairman and CEO of The Coca-Cola Company. His election to Pfizer's board is significant as it brings in leadership from another major global corporation, suggesting a focus on experienced governance and strategic oversight. His appointments to the Compensation and Science and Technology committees indicate his intended active role in key areas of the company.

W. Don Cornwell is resigning from Pfizer's board to join the board of directors of Viatris, the company that will be formed upon the closing of the planned combination of Mylan N.V. and Upjohn Inc. His departure is a consequence of this strategic move in the pharmaceutical industry.

The combination of Mylan N.V. and Upjohn Inc. to form Viatris is expected to close in mid-2020.

Mr. Quincey will receive compensation in accordance with Pfizer's standard arrangements for non-employee directors. He will also be provided with an indemnification agreement.