Pfizer Names George A. Lorch as Jeffery B. Kindler's Replacement

A week after former Chairman and CEO Jeffery B. Kindler of Pfizer (NYSE:PFE) shocked the world by suddenly leaving the company, they've installed a new chairman of the board in George A. Lorch.

Lorch has served as an independent director on the board since 2000.

Almost immediately after the departure of Kindler, Ian Read was named as CEO of the company.

Lorch, who was the former chairman and CEO of Armstrong Holdings Inc., will be a non-executive chairman. Pfizer had stated after Kindler left that they would be seeking a non-executive chairman to fill the position.

Separately, the board of directors announced they've increased the quarterly dividend to 20 cents a share, up from 18 cents.

Pfizer closed Monday at $17.19, up $0.17, or 1 percent.