Ian Read, the chief executive of Pfizer, will be stepping down from his role at the end of this year after nearly a decade of being in charge of the US pharmaceutical giant.
Albert Bourla, the chief operating officer of the company, will be taking over the position of Read. He is also a veteran of the Innovative Health business area of Pfizer which reported $31bn (£24bn) in revenue last year.
Bourla is 56 years old. He stated: “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.”
Bourla is a 25-year veteran of Pfizer. He served as the president of the vaccines, oncology and consumer healthcare division. He helped triple the size of the oncology business and improve the vaccine sales by 50 percent.
He continued: “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.”
Read will continue to be part of the business as the executive chairman of the board.
During his reign, he granted shareholders returns of 250 percent, and the firm was able to gain 30 approvals from the Food and Drug Administration of the United States.
The firm also experienced challenges under the leadership of Read from the loss of revenues amounting to $23bn because of expired patents since 2011.
Read stated: “It’s been an honour to serve as Pfizer’s chief executive for the past eight years. 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 energising leader who has an unwavering commitment to serving patients.”
The shares in the firms were apparently unaffected by the said move. It only narrowly increasing by mid-afternoon on Monday.