As of June 24, according to the terms of the exchange offer that commenced on May 22, Pfizer has accepted shares of Pfizer stock in exchange for all of its 400,985,000 shares of Zoetis common stock, according to the preliminary results of its exchange offer. 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.
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. McCallister replaces Frank D'Amelio, executive vice president, business operations and CFO 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 board will continue to evaluate additional board candidates to identify individuals with appropriate backgrounds and experience to guide the company's strategic direction and contribute to the company's success.