Ex-Pfizer CEO Read and CFO D'Amelio Back CEO Bourla, Exit Starboard's Activist Campaign

Oct 10, 2024, 01:31 AM

Former Pfizer CEO Ian Read and former CFO Frank D'Amelio have withdrawn their support for activist investor Starboard Value's campaign against Pfizer, declaring they are "fully supportive" of current CEO Albert Bourla, senior management, and the board. The two executives had initially teamed up with Starboard to address Pfizer's lack of focus, but their unexpected reversal leaves the activist campaign struggling without backing from former company insiders. This development comes as Starboard Value, which has purchased $1 billion worth of Pfizer shares, has been increasing pressure on the pharmaceutical giant following concerns over its performance after the COVID-19 crisis. Investors note that Pfizer offers a dividend yield of 5.5%, making it attractive to some despite recent challenges.