Former Pfizer Leaders Back Bourla Amid Starboard Activism

In a recent development, former Pfizer Inc CEO Ian Read and ex-CFO Frank D'Amelio publicly expressed their support for the company's current CEO, Albert Bourla, distancing themselves from the activist campaign led by Starboard Value. This announcement was made on Wednesday, coinciding with Starboard's growing influence as it acquired a stake of approximately $1 billion in Pfizer. Read and D'Amelio communicated their confidence in the current board and management, stating they believe they will deliver shareholder value over time. This support comes at a critical moment as Starboard's managing member, Jeff Smith, was set to meet with Bourla to discuss the company's direction. The situation highlights the ongoing tensions between corporate management and activist investors, particularly in the pharmaceutical sector, where strategic decisions can significantly impact stock performance. Pfizer's stock saw a modest increase of 3.46% during the regular trading session, reflecting investor sentiment amidst these developments. The backing from former executives may bolster Bourla's position as he navigates the challenges posed by Starboard's activism, which has previously targeted other major companies. As the situation unfolds, the focus will remain on how Pfizer's leadership responds to shareholder concerns and the potential implications for the company's future performance.