Wyeth names new CEO and causes surprise.

A number of writers and Wall Street pundits have been surprised that Wyeth today named Bernard Poussot its new CEO, starting January 1, 2008.

The WSJ Health Blog wrote, "In a surprise, Wyeth said today that Bernard Poussot (pictured) will take over as CEO starting on Jan. 1 of next year. He’ll be replacing current CEO Robert Essner, who’s only 59."

Pharmalot wrote, "it will be interesting to see if he has any new ideas about transforming Wyeth - or if he’ll just sell the company."

Bloomberg News wrote, "The change came ``faster than people had thought,'' said Michael Krensavage, an analyst with Raymond James and Associates Inc. in New York, in a telephone interview today. ``I wasn't expecting it this early. I think the shareholders are frustrated with the string of pipeline setbacks.'' "

and

"Bernard Poussot, having been president and COO, was the heir apparent,'' said Lehman Brothers analyst Tony Butler in a telephone interview. ``But the timing of the announcement is a bit of a surprise."

Philly.Inc wrote "That was a bit faster than expected."

So, everyone is surprised. What is interesting is also that Wyeth announced only a few months ago that CFO and vice chairman Ken Martin would "leave the company to pursue personal interests at the end of June."

So what's up over at Wyeth? Normally CEO's don't just hand over the reins voluntarily and CFO's don't take up personal interests.

I can't help but wonder if the explanation is right there in my article Pfizer should buy Wyeth. Here's why.

Comments

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