18 November 2021 - - Frank D'Amelio will retire from his position as chief financial officer and executive vice president of Global Supply at US-based pharmaceutical company Pfizer Inc. (NYSE: PFE) after a nearly 15 year distinguished career with the company, the company said.

Pfizer has initiated an external search for a new chief financial officer and D'Amelio has agreed to stay on board through this process and serve in a consulting role through the transition.

With D'Amelio's planned departure, and his significant contributions to Pfizer's manufacturing capabilities, the company has made the decision to name Mike McDermott, executive vice president, chief global supply officer and to have him join Pfizer's Executive Leadership Team reporting to chairman and chief executive officer, Albert Bourla, effective January 1, 2022.

Frank D'Amelio joined Pfizer in 2007 and during his tenure as chief financial officer the company has generated close to USD 150bn in market cap growth.

D'Amelio led multiple acquisitions and partnerships valued at nearly USD 200bn, including numerous transformative transactions such as the acquisition of Wyeth, that was essential in bringing talent and a leading vaccine platform to Pfizer, as well as the divestitures of the animal health, consumer health and mature products businesses that helped further focus the company on scientific innovation.

D'Amelio has created a world class Finance function at Pfizer and many of his team members have also become chief financial officers in other companies.

More recently, D'Amelio oversaw Pfizer's manufacturing network and helped guide the organization through one of its most challenging periods as it worked to address the COVID-19 crisis.

Mike McDermott has been with Pfizer for 18 years having started with the company in 2003 as head of then Wyeth's Biotech Manufacturing Operations at its Pearl River, New York site.

Over the years he has taken on roles with increasing levels of responsibility, and he was named president of Pfizer Global Supply in 2019.

Under McDermott's leadership, the company was able to rapidly ramp-up production and delivery of the Pfizer-BioNTech COVID-19 vaccine, supplying more vaccines doses than any other company over the past year.

As a result of his efforts, Pfizer expects to achieve the goal of producing 3 bn doses of COVID-19 vaccines in 2021 and 4bn doses in 2022.