Pfizer Names New CEO

Dr. Albert Bourla, Pfizer’s chief operating officer has been appointed to succeed Ian Read as chief executive officer, effective January 1, 2019. Ian Read will transition from his current role as chairman and CEO to executive chairman of Pfizer’s Board of Directors.

Mr. Read was named CEO in December of 2010 and chairman of the board in December of the following year. Under Mr. Read, Pfizer received 30 FDA approvals and amassed a pipeline with the potential for approximately 25-30 approvals through 2022, of which as many as 15 have the potential to be blockbusters.

"It’s been an honor to serve as Pfizer’s CEO for the past eight years," said Ian Read. "However, now is the right time for a leadership change, and Albert is the right person to guide Pfizer through the coming era. Albert is an energizing leader who has an unwavering commitment to serving patients. With 25 years at Pfizer, he has developed an extensive knowledge of the industry and demonstrated an ability to build and grow businesses. With Albert at the helm, our dedicated colleagues across the globe are poised to deliver the next stage of growth. I look forward to working with Albert and the Board to continue serving patients and delivering value for shareholders."
 
Prior to serving as COO since January 1, 2018, Dr. Bourla led Pfizer’s Innovative Health business, which recorded revenues of $31.4 billion in 2017, representing an 8% operational growth and an increase of profitability to 58%. Albert also established the Innovative Health Emerging Markets region, with $4.4 billion in revenues in 2017, reflecting operational growth of 18%. Prior to his appointment as leader of Pfizer Innovative Health, in January 2014 he became the group president of the Vaccines, Oncology and Consumer Healthcare business unit. Under his leadership, the Oncology business tripled in size, the Vaccines business grew by 50% and the Consumer Healthcare business significantly improved its profitability.
 
Mr. Bourla said, "I am humbled and privileged to be the next CEO of Pfizer, and I appreciate the confidence that both Ian and the Board of Directors have placed in me. I also want to thank Ian for his constant support, and am fortunate to have him as both a mentor and friend. I welcome Ian’s continuing contributions as Executive Chairman. This is a dynamic time for Pfizer, and I look forward to working with our colleagues to deliver critical medicines to patients all over the globe, which remains the compass for all we do at Pfizer."    

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