Pfizer replaces longtime CEO Read with veteran Bourla

Pfizer Inc on Monday named operating chief Albert Bourla as its next chief executive officer, replacing Ian Read who held the top post at the drugmaker for the last eight years.

Bourla will take over at the start of the next year, with Read transitioning to role of executive chairman, the company said. Under Read's tenure, Pfizer won 30 approvals from the U.S. health regulator as well as weathered patent expiration on a few of its blockbusters, including cholesterol drug, Lipitor.

Pfizer's shares, which have risen about 160 percent since Read took over as CEO in December 2010, were trading down 0.18 percent at $43.99 before the bell.


"It's been an honor to serve as Pfizer's CEO for the past eight years," Read said. "However, now is the right time for a leadership change, and Albert is the right person to guide Pfizer through the coming era."

Before becoming chief operating officer at the start of the year, Bourla, 56, led the drugmaker's Innovative Health business, which recorded revenue of $31.4 billion in 2017.

"Today's leadership announcement is part of a thoughtful, multi-year succession planning process," Shantanu Narayen, Pfizer's lead independent director said.

Last week, rival Merck & Co Inc said it would amend a policy to allow its head, Kenneth Frazier, to remain CEO beyond 2019 when he was expected to retire.