Pharmacia CEO Goes His Own Way

Pfizer Inc. issued a statement April 15 that Pharmacia Corp. Chairman and CEO Fred Hassan will not be joining Pfizer as vice chairman or a board member. On Tuesday the Federal Trade Commission announced that it had accepted a consent decree clearing the way for a Pfizer and Pharmacia merger. The companies began operating on a combined basis this week. "With the imminent close of the merger, we've reached a natural transition point. Fred made a commitment to see this merger through, and the merger integration team has enabled us to prepare all of our plans for a successful integration," said Hank McKinnell, Pfizer chairman and CEO. The vice chairman position will not be filled, Pfizer stated.