Albert Bourla. Picture: Pfizer Inc.

Pfizer CEO announces Succession

Pfizer Inc. today announced its Board of Directors has unanimously elected Dr. Albert Bourla, 56, Pfizer Chief Operating Officer (COO), to succeed Ian Read as CEO effective January 1, 2019. Ian Read will transition from his current role as Chairman and CEO to Executive Chairman of Pfizer’s Board of Directors.

Ian Read was named CEO of Pfizer on December 6, 2010, and Chairman of its Board of Directors on December 12, 2011.

“It’s been an honor to serve as Pfizer’s CEO for the past eight years,” stated Ian Read. “However, now is the right time for a leadership change, and Albert is the right person to guide Pfizer through the coming era. Albert is an energizing leader who has an unwavering commitment to serving patients. With 25 years at Pfizer, he has developed an extensive knowledge of the industry and demonstrated an ability to build and grow businesses. With Albert at the helm, our dedicated colleagues across the globe are poised to deliver the next stage of growth. I look forward to working with Albert and the Board to continue serving patients and delivering value for shareholders.”

Prior to assuming the role of COO on January 1, 2018, Dr. Bourla led Pfizer’s Innovative Health business, which recorded revenues of $31.4 billion and income before taxes of $18.3 billion in 2017. Albert also established the Innovative Health Emerging Markets region.

Commenting on his election, Albert Bourla stated: “I am humbled and privileged to be the next CEO of Pfizer, and I appreciate the confidence that both Ian and the Board of Directors have placed in me."