Ian Read, Chief Executive Officer and Chairman, Pfizer will step down as CEO, effective January 1, 2019, with Albert Bourla, the company’s current Chief Operating Officer (COO), assuming the role of CEO. Read will transition from his current role as Chairman and CEO to Executive Chairman of Pfizer’s Board of Directors.

Ian Read was named CEO of Pfizer in December 2010 and Chairman of its Board of Directors in December 2011. Pfizer has made several achievements since Read assumed the CEO role in 2010, including 30 US Food and Drug Administration (FDA) approvals and a pipeline that Pfizer says has the potential for approximately 25–30 approvals through 2022, of which up to 15 have the potential to be blockbusters, according to information from the company. “During an extraordinary period for the company, he successfully managed through $23 billion of lost revenue due to product losses of exclusivity while at the same time driving strong and consistent financial performance and investing for the future,” said Shantanu Narayen, Lead Independent Director of Pfizer’s Board of Directors, in an October 1, 2018 company statement.

Prior to assuming the role of COO on January 1, 2018, Bourla led Pfizer’s Innovative Health business, which recorded 2017 revenues of $31.4 billion. He also established the Innovative Health Emerging Markets region, with $4.4 billion in 2017 revenues. Prior to his appointment as leader of Pfizer Innovative Health, in January 2014, he became the Group President of the Vaccines, Oncology and Consumer Healthcare business unit. Under his tenure, the company’s oncology business tripled in size, its vaccines business grew by 50%, and the consumer healthcare business improved its profitability, according to information from Pfizer.

Source: Pfizer