US drugmaker Pfizer on Monday announced that chief executive Ian Read is stepping down, handing off to chief operating officer Albert Bourla on January 1.
Read, a Scottish-American replaced Jeffrey Kindler in December 2010.
In future, the 65 year-old chemical engineer and chartered accountant will serve as executive chairman of Pfizer’s board of directors, the company said in a statement.
“It’s been an honour to serve as Pfizer’s CEO for the past eight years,” Read said in the statement.
“However, now is the right time for a leadership change, and Albert is the right person to guide Pfizer through the coming era.”
Pfizer, one of the world’s biggest drugs companies, reported earnings of $3.9 billion in the second quarter, up 26 percent from the year-ago period.
But like its rivals, Pfizer is contending with the expiry of patents on some of its blockbuster drugs, which has allowed generic drugmakers to offer cheaper…
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