WebMD Taps Pfizer Executive as CEO

By FOXBusiness

WebMD Health (NASDAQ:WBMD) has tapped former Pfizer (NYSE:PFE) executive Cavan Redmond as its new chief executive, effective May 31, ending a months-long search after its former CEO suddenly resigned in January.

Redmond, 51, joins WebMD from drug giant Pfizer, where he served most recently as group president of animal health, consumer healthcare and corporate strategy and as a member of its executive leadership team.

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Besides running two businesses there, he also led Pfizer’s enterprise-wide strategy, research and development portfolio management, global commercial operations and continuous improvement groups.

"Along with our experienced management team, I have great confidence that Cavan will take WebMD to the next level," the company’s chairman, Martin Wygod, said in a statement. "He has a successful track record in identifying and leveraging new revenue opportunities, driving efficiency and establishing sustainable growth platforms."

Redmond has more than 20 years of broad experience in healthcare, including biotechnology, pharmaceuticals, consumer healthcare and infant nutritionals. He also has biopharmaceutical experience in global strategic marketing and marketing research.

Prior to Pfizer’s purchase of Wyeth, Redmond served as first executive vice president and general manager of Wyeth’s high-growth BioPharma Business Unit where he was responsible for the creation of the global biopharma business.

WebMD said that Anthony Vuolo, who is its chief financial officer who served as the company’s interim CEO since January, will continue to serve as CFO.

The announcement ends a four-month search after the New York company’s former chief executive, Wayne Gattinella, resigned in January.

While WebMD reported positive revenue growth for years, its earnings have since come under pressure as an influx of new generic drugs has softened marketing by pharmaceutical companies.