Pfizer appoints new chief financial officer

Pfizer (NYSE: PFE) has named David M. Denton as its new chief financial officer (CFO) and executive vice president.

Denton, who now serves as CFO of Lowe’s Companies, will officially take the role on May 2.

Before taking on his role at Lowe’s (NYSE:LOW), Denton served as the CFO of CVS Health (NYSE:CVS). Denton oversaw CVS’s $70 billion acquisition of the managed health care company Aetna.

Denton has more than 20 years of experience working in the healthcare sector.

Pfizer’s current CFO, Frank D’Amelio, has had a 15-year career at the company.

“Our Company’s continued financial strength is essential to Pfizer’s ability to deliver on our purpose and to create long-term value for all our stakeholders,” said Albert Bourla, Pfizer CEO, in a statement. “Dave brings with him deep financial experience, a track record of achievement and true insights into today’s healthcare system. For these reasons, he is the perfect leader to take the helm of our talented finance organization and deliver a comprehensive strategic financial vision that will help drive Pfizer’s future growth and success.”

After the company made the announcement, PFE shares ticked down 2.49% to $53.86.