Pfizer CEO Ian Read is leaving the role behind when 2018 comes to an end.
Pfizer (NYSE:PFE) says that the company is replacing Ian Read with current COO Albert Bourla. This will have him taking over as the new Pfizer CEO on Jan. 1, 2019. Pfizer doesn’t mention Bourla taking over as its next Chairman.
Pfizer CEO Ian Read won’t be leaving behind the pharmaceutical company just because he is leaving his current position. Instead, he will become the Executive Chairman of the company’s Board of Directors.
“Today’s leadership announcement is part of a thoughtful, multi-year succession planning process,” Shantanu Narayen, Lead Independent Director of Pfizer’s Board of Directors, said in a statement. “The Board has been impressed with Albert’s performance, depth of experience and track record for success, and we are confident that as CEO he will drive innovation and further advancements across the business.”
Pfizer CEO Ian Read’s decision to take on the role of Executive Chairman will bring an end to his eight-year tenure as the company’s CEO. His replacement, Bourla, has been serving with the company for some 25 years. This has had him in various leadership positions at PFE.
Bourla took on the most recent role of COO at the start of 2018. The company hasn’t said who will take over as its next COO when he moves on to become the new Pfizer CEO at the start of 2019.
PFE stock was up slightly as of Monday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.