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Pfizer CEO Ian Read calls the end.
Read will retire as CEO of Pfizer on Jan. 1 and will assume the role of Executive Chairman, Pfizer announced on Monday. Pfizer's Director of Operations, Albert Bourla, will succeed Read.
In a statement, Read said that "the time has come to change leadership" within the company. He praised Bourla's experience and said he was the ideal person to "secure the next stage of growth" at Pfizer.
Read has been Pfizer's CEO since 2010. At that time, he returned more than $ 120 billion to shareholders and increased dividends paid to shareholders from 80 cents in 2010 to $ 1.36 now. It is widely respected by Pfizer shareholders and has significantly increased the share price of the company in recent years.
Bourla has been with Pfizer for 25 years and leads the company's Innovative Health business. In a statement, Pfizer said Bourla had allowed the group to achieve "record sales" of $ 31.4 billion and had created an emerging markets division within Innovative Health, which had achieved a turnover of $ 4.4 billion last year. He also led the Pfizer Vaccines, Oncology and Consumer Health Unit.
Bourla said in a statement that he was "humiliated and privileged" to assume this new position and that he would work with Read in his new role.
The shareholders, meanwhile, do not seem moved by the move. Prior to commercialization, Pfizer shares rose only 0.39% to $ 44.24.
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