Zoetis, the former animal health business of Pfizer has marked its separation from Pfizer and first day as a fully independent company.
“This is an historic day for Zoetis,” said Zoetis chief executive officer Juan Ramón Alaix. “We are setting off on the next stage in our company’s life – pursuing our own initiatives and strategies as a fully independent company.”
“I am very proud of all the Zoetis colleagues who have prepared us for this day, while continuing to support our customers with the products, innovations and reliable supply they expect from us. We will continue serving our customers in ways that make a meaningful difference to their businesses and strengthen our position as the world leader in animal health,” said Alaix.
According to the terms of the exchange offer that commenced on May 22, 2013, Pfizer has accepted shares of Pfizer stock in exchange for all of its 400,985,000 shares of Zoetis common stock. Following Pfizer’s acceptance of shares of Pfizer common stock, Pfizer no longer holds any ownership interest in Zoetis, making Zoetis a fully independent company.
Changes in Board of Directors
In related news, Zoetis announced the appointment of Michael McCallister as non-executive chairman of the Zoetis Board of Directors. McCallister, former CEO of Humana, has served on the Zoetis Board since January 2013. He replaces Frank D’Amelio, executive vice president, business operations and chief financial officer of Pfizer, as non-executive chairman of the Zoetis Board. D’Amelio will remain a director on the Zoetis Board.
Given the separation, which eliminates Pfizer’s ownership interest in Zoetis, certain Pfizer executives have stepped down from the Board: Geno Germano, Douglas Giordano, Charles Hill and Amy Schulman. Meanwhile, Zoetis appointed two new independent directors to the Board, effective as of the closing date of the exchange offer: Sanjay Khosla and Robert Scully.
“The changes to our Board reflect our full independence from Pfizer and add valuable new experience to our leadership,” said Alaix. “I want to thank the exiting directors for their support and guidance in achieving our separation objectives and shaping our strategy for the future of Zoetis.”