Pfizer's (NYSE:PFE) Read Changes Reporting Structure at Company

Pfizer's (NYSE:PFE) chief executive officer Ian Read has made some quick structural changes to the company since being installed as CEO on December 5, with one of the biggest being the elimination of his former position as head of Pfizer’s global pharmaceutical operations.

That unit accounts for about 85 percent of revenue the company generates.

In place of that unit heads will report directly to Read, removing a bureaucratic layer. Changes are effective immediately said Read.

Pfizer spokesman Ray Kerins said the changes will result in the speeding up of decision making and aid in promoting leaders.

“We have outstanding leaders who are now being pulled together into one leadership operation and are no longer segmented. Having the business units at the executive leadership table, we can further improve alignment across all groups and divisions to drive operational excellence,” Kerins added.

Pfizer was trading at $17.22, up $0.02, or 0.15 percent, as of 2:39 PM EST.