Henry McKinnell
This poorly sourced must be removed immediately from the article and its talk page, especially if potentially libelous. )Find sources: "Henry McKinnell" – news · newspapers · books · scholar · JSTOR (July 2009) |
Henry A. McKinnell, Jr. (born February 23, 1943) is an American business executive, who served as the
Career
He was born in
His first job offer was for Pfizer, but he instead chose to work at American Standard for three years (1969–1971). He later joined Pfizer in early 1971. Over the course of the next 32 years, McKinnell climbed his way up several positions. He was named CEO as of January 2001 and named chairman in April 2001.
In 2003 he won the
Following falling share prices, McKinnell resigned the CEO position on July 28, 2006, amid dissatisfaction from the board of directors and declining investor confidence and was replaced by Jeff Kindler on that day. He was scheduled to remain as chairman until February 2007.[1]
Pfizer was relatively conservative with regard to mega-mergers through stock-for-stock transactions through most of its history until McKinnell took the helm in 2001. Pfizer's per share price (adjusted for splits) went from about $50 to $30 from 1999 to 2006 during McKinnell's tenure. With roughly 7 billion shares outstanding, this reflects a loss in value of 140 billion dollars under McKinnell's leadership pursuing a strategy of growth via stock for stock acquisition.
It could be argued that some of the decline in Pfizer's market value during this time could be attributed to the overall decline in blue chip stocks from 1999 to 2001. However, many industry analysts criticized McKinnell for diluting shareholder value with these expensive stock-for-stock acquisitions that obviously paid a premium for the underlying value of the acquired company. Furthermore, internal contributions to the pipeline did not replace declining value nor did these M&A activities. However, McKinnell received record compensation which he staunchly defended against critics.
According to documents
McKinnell has, according to documents filed with the
References
- ^ "Archived copy". Bloomberg News. Archived from the original on 2007-09-30. Retrieved 2017-03-07.
{{cite web}}
: CS1 maint: archived copy as title (link)