Henry A. McKinnell Jr. (born February 23, 1943) is an American business executive who served as the Chairman and Chief Executive Officer (CEO) of [[Pfizer Inc.]], one of the world's largest pharmaceutical companies, from 2001 to 2006.
Early Life and Education
McKinnell was born in 1943. He received his Bachelor of Arts degree from the [[University of British Columbia]]. He later pursued advanced studies at [[Stanford University]], where he earned both a Master of Science and a Ph.D. in Economics.Career at Pfizer
McKinnell began his career at Pfizer in 1971, embarking on a long tenure that saw him rise through various management and leadership positions. His early roles included leadership in Pfizer's international operations, serving as President of Pfizer Asia, and later as President of Pfizer Pharmaceuticals Group. Before becoming CEO, he also held the position of Chief Operating Officer.In 2001, McKinnell was appointed CEO of Pfizer, succeeding William C. Steere Jr. He added the title of Chairman of the Board in 2002. During his leadership, McKinnell presided over several significant corporate developments, most notably the acquisition of [[Pharmacia Corporation]] in 2003 for approximately $60 billion. This merger was one of the largest in the pharmaceutical industry at the time and significantly expanded Pfizer's product portfolio and market presence, adding key drugs such as [[Celebrex]].
Controversies and Departure
McKinnell's tenure as CEO was marked by considerable scrutiny, particularly concerning his executive compensation package. Despite Pfizer's substantial revenues, the company's stock price declined significantly during his time as CEO, losing approximately half its value. This performance led to widespread criticism from shareholders and corporate governance advocates, who questioned the justification for his multi-million dollar salary, bonuses, and substantial retirement package.Facing mounting pressure from the board of directors and institutional investors, McKinnell announced his retirement as CEO in July 2006, effective at the end of the year. He subsequently stepped down as Chairman of the Board in 2007 and was succeeded by Jeffrey B. Kindler.