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Zoetis (ZTS) Stock Down, Appoints New CFO

NEW YORK (TheStreet) -- Shares of Zoetis (ZTS) were slumping midday Monday as the company announced that Glenn David would be its new CFO effective immediately.

Previously, David was the senior VP of finance operations at the Florham Park, NJ-based animal healthcare company.

He succeeds Paul Herendeen, who is joining Valeant Pharmaceuticals (VRX) as its new CFO.

"Glenn has been an accomplished financial and strategic leader for Zoetis and a trusted partner to me and the entire executive team since our IPO," CEO Juan Ramón Alaix said in a statement.

Zoetis is...