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Ex-Pfizer Execs Quit Starboard's $1 Billion Campaign, Now Back CEO Bourla Amid Legal Threats

Oct 10, 2024, 12:39 PM

Former Pfizer CEO Ian Read and former CFO Frank D'Amelio have withdrawn their support for activist investor Starboard Value's campaign against the pharmaceutical company. Starboard, which has invested $1 billion in Pfizer, had been collaborating with Read and D'Amelio to push for changes, including possibly replacing CEO Albert Bourla, who had steered Pfizer through the COVID-19 crisis and momentarily past a $100 billion market cap. The two former executives issued a statement expressing full support for Bourla and the company's senior management and board. Following their reversal, Starboard accused Pfizer of threatening to sue the former executives to force their withdrawal and sent a letter to Pfizer's board calling for a special committee to investigate potential breaches of fiduciary duty and alleged coercive conduct. Pfizer's stock fell 1% amid the unfolding dispute.