Stock market data from reliable financial sources

Former Pfizer Executives Withdraw Support from Starboard's $1 Billion Activist Campaign Targeting Albert Bourla

Oct 10, 2024, 03:58 AM

Pfizer is currently facing activist pressure from Starboard Value, which has recently acquired $1 billion in Pfizer shares. The activist campaign has targeted Pfizer's CEO, Albert Bourla, criticizing the company's lack of focus, despite the company momentarily surpassing the $100 billion mark. However, in a surprising turn of events, former Pfizer executives Ian Read and Frank D'Amelio, who were initially associated with Starboard's efforts, have withdrawn their support for the campaign. They have publicly declared their full support for Bourla and the existing senior management team. Additionally, Pfizer's stock fell 1% following the announcement, and Starboard issued a letter to Pfizer’s board criticizing alleged coercive conduct towards former executives.