After a five-year run at the drugmaker,Waxman, 45, is unexpectedly leaving his general counsel job for "personal reasons," although he'll remain outside counsel for an unspecified transition period, according to a brief statement. David Reid, who is currently senior vp and managing director, will function as general counsel until a successor is found.
This is the fourth high-ranking member of Jeff Kindler's team to leave in less than a year amid ongoing turmoil at Pfizer, which faces a precipitous loss in revenue as key patents expire. Last October, David Shedlarz resigned as vice chairman, and last May, John LaMattina, the chief scientist, and Alan Levin, the cfo, also left.
The departures may be interpreted by some that Kindler is finally remaking his team as he wants it, although Wall Street analysts have expressed open frustration with the slow-and-steady approach Jeff is taking in his attempts to turn Pfizer around. Kindler, however, hired Waxman, suggesting a different theme in this instance.
Waxman joined Pfizer in 2003 as senior assistant general counsel, and was later named sr vp and associate general counsel, adding responsibility for the Regulatory Law, Regulatory Compliance, Environmental Health & Safety and Global Security functions before being appointed General Counsel in 2006. Prior to Pfizer, he was a partner at the law firm of Williams & Connolly in Washington, DC, trying criminal and civil cases.
“Allen and his team have been strong advocates for Pfizer, securing a number of important legal decisions that are significant for our business and our future,” Kindler said in the obligatory statement about a departing exec. “Allen has provided valuable counsel not only on legal matters but on our overall business strategy and the issues facing Pfizer in its operating environment. He has made many contributions to our company. We thank him for those contributions and wish him well in his future endeavors.”