Amelio, who held top financial
and operations posts in the telecom industry, is Pfizer's pick for CFO.
He replaces former CFO Alan Levin, who resigned in May.
The new hire's credentials speak volumes about Pfizer's priorities.
CEO Jeffrey Kindler, just past the year mark as chief executive, is in the
midst of orchestrating a turnaround for the company. Near the top of his list is
finding a way to replace the $12 billion in annual revenue for Lipitor, Pfizer's
top-seller which is set to lose US
patent protection in 2011. Thus far the company has sought to do that through cost-cutting
and seeking to beef up the pipeline.
D'Amelio will help address the challenges. In a statement
today, the company hailed his 30 years of experience at AT&T, Lucent
Technologies and Alcatel-Lucent, including serving as both COO and CFO at Lucent. During his tenure there, he helped steward Lucent's
sale to French firm Alcatel.
“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,” Kindler said in a statement.
Kindler also cited D'Amelio's experience working with the
investment community. Kindler reached out to analysts early on in his tenure,
in a marked departure from the more stoic approach of his predecessor, former Pfizer
CEO Hank McKinnel.