The Associated Press
Drug developer Pfizer (PFE) says it named George A. Lorch as its new chairman of the board of directors.
Lorch, 68, has been an independent director on the board since 2000.
Former Chairman and CEO Jeffery B. Kindler left the company abruptly Dec. 5. Ian Read, 57, is taking the CEO position.
Pfizer had previously said it would name an independent board member as non-executive chairman.
The company also said its board of directors on Monday boosted the quarterly dividend 11%.
The board declared a regular quarterly dividend of 20 cents per share, up from the prior amount of 18 cents.
The dividend is payable March 1 to shareholders of record as of Feb. 4.
USAtoday
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