Pfizer Inc. (NYSE:PFE) CEO Jeffrey Kindler reportedly may cut several thousand jobs as he overhauls the drugmaker which investors have pilloried for failing to have a robust enough pipeline.

Kindler, a lawyer who has never sat on a corporate board, wants to keep research and development spending flat while slashing other spending in areas such as marketing and manufacturing, according to the Wall Street Journal (subscription required), which first reported the plans.

"Despite his relative inexperience in the corner office, Mr. Kindler has won high marks from the board for his boldness, speed of action and frequent communication with directors, says someone familiar with the situation," the Journal says. "He has come across as likeable and accessible with Wall Street, and has pacified critics of the company's transparency by putting its drug pipeline online."

Kindler is expected to offer details of his plans on Monday. Pfizer shares nosedived last month after the company ended the development for a drug that was expected to replace its blockbuster Lipitor, which is responsible for one-quarter of its annual revenue and almost half of its net income. Lipitor faces competition from generic drugs as soon as 2010.

Pfizer and rival Merck & Co. (NYSE:MRK) may be looking to buy biotech firms to add new experimental drugs as the patents for their existing patents expire, according to Bloomberg News.