Pfizer raises payout 11 per cent

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s giant Pfizer said it was raising its quarterly dividend to 20 cents per share from 18 cents yesterday as it named board member George Lorch as nonexecutive chairman, a week after the abrupt departure of chairman and chief executive Jeffrey Kindler. Kindler quit suddenly a week last Sunday night with no warning to shareholders. Pfizer's shares had fallen about 27 per cent during his tenure, which was marked by last year's $67bn (£42.2bn) acquisition of rival Wyeth.