Pfizer chief Kindler resigns

The chief executive of Pfizer, Jeffrey Kindler, has announced that he will stand down from his role to "recharge my batteries."

He is being replaced by Ian Read, 57, the global head of pharmaceuticals, at the world's largest drug maker.

Kindler, 55, has been at the helm for five years.

He said that the "24/7 nature of my responsibilities" had been "extremely demanding", especially after last year's $67bn (£42bn) takeover of Wyeth.