US drugmaker Pfizer on Monday announced that chief executive Ian Read is stepping down, handing over to chief operating officer Albert Bourla on January 1.<\/p>\n
Read will serve in future as executive chairman of Pfizer\u2019s board of directors, the company said in a statement.<\/p>\n
\u201cIt\u2019s been an honour to serve as Pfizer\u2019s CEO for the past eight years,\u201d Read said in the statement. \u201cHowever, now is the right time for a leadership change, and Albert is the right person to guide Pfizer through the coming era.\u201d<\/p>\n
Pfizer, one of the world\u2019s biggest drugs companies, reported earnings of USD 3.9 billion in the second quarter, up 26 per cent from the year-ago period. But like its rivals, Pfizer is contending with the expiry of patents on some of its blockbuster drugs, which has allowed generic drugmakers to offer cheaper alternatives.<\/p>\n
This evolution had hit earnings to the tune of USD 23 billion during Read\u2019s time at the top, Pfizer said in its statement announcing the leadership change. But it said a strong pipeline of new products bequeathed by the outgoing CEO meant \u201cthe company is now better positioned for success\u201d.<\/p>\n
Bourla, 56, became chief operating officer at the start of this year after previously overseeing Pfizer\u2019s \u201cInnovative Health\u201d unit. He said he was \u201chumbled and privileged\u201d to be unanimously appointed by the board as Read\u2019s successor.<\/p>\n","protected":false},"excerpt":{"rendered":"
US drugmaker Pfizer on Monday announced that chief executive Ian Read is stepping down, handing over to chief operating officer Albert Bourla on January 1. Read will serve in future as executive chairman of Pfizer\u2019s board of directors, the company said in a statement. \u201cIt\u2019s been an honour to serve as Pfizer\u2019s CEO for the […]<\/p>\n","protected":false},"author":1,"featured_media":43532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-43531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/43531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=43531"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/43531\/revisions"}],"predecessor-version":[{"id":43533,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/43531\/revisions\/43533"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/43532"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=43531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=43531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=43531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}