Pfizer elevates Bourla as Read steps down

Pfizer’s chief executive officer Ian Read is to step down after eight years at the helm of the US pharma giant and take on the role of executive chairman. On 1 January 2019, he will be succeeded by chief operating officer Albert Bourla, who won the “unanimous support” of Pfizer’s board.

Bourla has served as chief operating officer since 1 January 2018, having previously led Pfizer’s Innovative Health business, which currently houses the company’s Consumer Healthcare operation. Prior to this, Bourla led for three years Pfizer’s Vaccines, Oncology and Consumer Healthcare business unit, achieving a “significant” improvement in profitability at the OTC business.

“Today’s leadership announcement is part of a thoughtful, multi-year succession planning process,” commented Pfizer board member Shantanu Narayen. “The board has been impressed with Bourla’s performance, depth of experience and track record for success, and we are confident that as chief executive officer he will drive innovation and further advancements across the business.”

Before handing over the reins to Bourla, Read will make a decision on the future of Pfizer Consumer Healthcare, which has been up for sale for the past year (OTC bulletin, 20 October 2017, page 1). According to Pfizer, it continues to “evaluate strategic alternatives” for the OTC business, “with a decision expected in 2018”.

Earlier this year, Read said Pfizer was weighing up retaining Consumer Healthcare as it was struggling to find a buyer at a price it deemed acceptable (OTC bulletin, 11 May 2018, page 1).