Pfizer put out a press release this morning announcing that it has added another office in the C-Suite. The world's biggest drug company has hired a CTO. What's a CTO, you ask??
Well, it doesn't stand for what you might guess--Chief Technology Officer. Nope, Pfizer has created the position of Chief Talent Officer.
Dr. Tanya Clemons comes from Microsoft where she was--and this is a quote from the Pfizer press release--"corporate vice president for People and Organization Capability." Huh? Would that be something like VP of Human Resources? Where do these corporate types come up with this stuff? Before that, Pfizer says Dr. Clemons worked at IBM, Georgia-Pacific and Anheuser-Busch.
The release says Dr. Clemons "will lead the company's senior executive talent development, global people development and succession processes with emphasis on identification, retention, and development of executive level incumbent, replacement and high potential individuals." Okay. I tried to bite my tongue, but this is corporate-speak run amok.
PFE is trading for around 25 bucks a share and continues to be one of the dogs of the Dow.