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UPDATE 1-Pfizer reorganizes executive team after CEO quits

* Move comes shortly after naming of new CEO

* Move changes reporting structure of some business units (Adds additional executive moves)

BOSTON, Dec 14 (Reuters) - Pfizer Inc PFE.N, the world's biggest drugmaker, has reorganized its executive team to eliminate a layer of management after its chief executive abruptly quit last week.

The move, which Pfizer announced on Tuesday, comes a week after Ian Read succeeded Jeffrey Kindler as chief executive. Kindler said the job was exhausting him.

Read elevated the heads of several business units to the executive leadership team, including Olivier Brandicourt, head of the primary care division, which houses Lipitor, the company’s top-selling cholesterol-lowering drug.

Read previously ran the company’s worldwide biopharmaceuticals business, which accounted for 85 percent of its revenue. He did not place a new person in that role.

Two current members of the executive leadership team -- Mikael Dolsten, head of research and development, and Frank D’Amelio, chief financial officer -- will remain in their jobs.

Another executive who will be elevated to the executive leadership team is David Simmons, who was previously head of the company’s established products business and will now also be responsible for emerging markets.

Geno Germano, who is in charge of cancer drugs and other specialty products, will also join the leadership team. (Reporting by Toni Clarke; Editing by Robert MacMillan and Steve Orlofsky)

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