Pfizer hired Andrew Baum, a former executive at Citi, to serve as chief strategy and innovation officer, EVP.

The personnel move, which was announced Monday morning, brings the former head of global healthcare and MD of equity research at the financial giant into the C-suite of the Big Pharma company.

Baum has worked at Citi since 2011 following a 14-year stint at Morgan Stanley, where he covered European pharmaceuticals. He also previously served as co-chair of Immuno-Oncology 360°, an annual summit for stakeholders in the immuno-oncology space. 

At the start of his career, Baum practiced as a physician at the Royal National Orthopaedic Radcliffe Hospital at Oxford University.

In his new capacity, he will be tasked with building out the drugmaker’s corporate strategy and oversee its portfolio development. More specifically, he will chair Pfizer’s portfolio management team and lead its capital deployment operations for the research and development pipeline.

Baum succeeds Aamir Malik, who moved into a new position as chief commercial officer, EVP, where he made $5.4 million last year.

Baum will start his role on June 3 and report to Pfizer CEO Albert Bourla, who welcomed his “deep clinical and scientific knowledge” as an addition to the company’s leadership team.

“As a former experienced analyst who followed Pfizer for over a decade, he will bring fresh strategic insights into the company’s business and portfolio,” Bourla said in a statement. “Dr. Baum has more than 30 years of experience and a proven track record in leading high-impact research projects and teams, developing robust strategies and forging global partnerships that have expanded markets and increased investor returns. I am delighted to welcome Andrew to Pfizer where he will be an important thought partner for me and my leadership team as we continue to advance impactful vaccines and therapies that deliver value for patients, health systems and shareholders.”

Pfizer announced the hiring less than a week after it released its latest quarterly earnings report and raised its full-year 2024 outlook following higher-than-expected revenue. The company said it brought in revenue of $14.88 billion compared to previous estimates of $14.01 billion.

As part of its full year guidance, Pfizer said it expects to bring in somewhere between $58.5 billion and $61.5 billion.