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The US pharmaceutical company Pfizer announced Monday that its chief executive, Ian Read, resigned and handed the first of January to its managing director, Albert Bourla.
Read will serve in the future as executive chairman of Pfizer's board of directors, the company said in a statement.
"It has been an honor to serve as Pfizer's CEO for the past eight years," said Read in the statement.
"However, the time has come for a change of leadership, and Albert is the right person to guide Pfizer in the next era."
Pfizer, one of the largest pharmaceutical companies in the world, posted a profit of $ 3.9 billion in the second quarter, up 26% from the same period last year.
But, along with its competitors, Pfizer is facing patent expiry on some of its flagship drugs, allowing generic manufacturers to offer cheaper alternatives.
Pfizer said in its statement announcing the change in direction that this development had reached $ 23 billion during Read's replay period.
But he said that a strong pipeline of new products bequeathed by the outgoing CEO meant "that the company is now better positioned to succeed."
Mr. Bourla, 56, became Chief Operating Officer earlier this year, having previously overseen Pfizer's Innovative Health Unit.
He said he was "humiliated and privileged" to be appointed unanimously by the board of directors as Read's successor.
"This is a dynamic time for Pfizer, and I look forward to working with our colleagues to provide essential medicines to patients around the world, which remains the compass of everything we do at Pfizer," he said. .
US drug maker Pfizer has announced that CEO Ian Read (see here) is resigning and rescheduling his CEO, Albert Bourla, on January 1st.
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