Pfizer names Bourla chairman ahead of Read’s retirement

Pfizer has chosen its next chairman alongside announcing that current executive chairman Ian Read will retire effective Dec. 31. The board of directors, at a recent meeting, unanimously elected current CEO Albert Bourla to succeed Reed, effective Jan. 1, 2020. 

Read, who became chairman in 2011, joined Pfizer in 1978 and was named CEO in 2010. 

“It’s been my greatest privilege to serve alongside Pfizer colleagues for the past 41 years. Their compassion, integrity, intellectual rigor and commitment to patients are what make Pfizer such an extraordinary company, and I’m proud to have been part of its history,” Read said. “I have tremendous confidence in Albert, the board and our colleagues, and believe that Pfizer’s best days are yet to come – which is an exciting thought for patients and their families across the globe.”

Bourla was named CEO Jan. 1, having previously served as Pfizer COO, overseeing commercial strategy, manufacturing and global product development functions. His more than 25 years with Pfizer began with the company’s animal health division in 1993, when he became technical director of Greece. He joined the company at its New York headquarters in 2001 when he became U.S. group marketing director for animal health, and in 2004 was named vice president of business development and new product marketing for the animal health division. He became area president of Europe, Africa and the Middle East in 2006, and had Asia and Pacific added to his responsibilities in 2009. 

“I am honored to have been chosen to succeed Ian as the chairman of the board of this wonderful company. It truly is an opportunity of a lifetime to be appointed chairman at such a dynamic time for Pfizer, the pharmaceutical industry, and the patients around the world who rely on our medicines and vaccines,” Bourla said. “Driven by our purpose — breakthroughs that change patients’ lives — we can have a meaningful impact on more people than ever was imagined. I want to thank Ian for his unwavering dedication to Pfizer over the past four decades and during this leadership transition. As a result of his unrelenting focus on culture, creating value and developing talent, Pfizer has become a stronger and more stable institution. His leadership and counsel have been invaluable to the company, and more personally, I have benefited greatly from Ian’s advice, guidance and friendship.”

Pfizer’s lead independent director, Shantanu Narayen, also thanked Read for his service and expressed confidence in Bourla’s abilities. 

“The naming of Albert as Chairman is the result of a systemic and comprehensive succession plan undertaken by the board several years ago. Albert brings a unique set of skills that the board has observed firsthand during his tenure as CEO, and while serving as chief operating officer and the leader of several global businesses,” Narayen said. “All of this makes him the logical choice to take on the role of Chairman at this important point in Pfizer’s history. We are confident that Albert, with his unwavering passion for patients, will do an excellent job leading our board, while continuing to advise management and shepherd the business.”

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