Mr. Read joined Pfizer in 1978 as an operational auditor and has been chairman since 2011. He also served as CEO from 2010 to 2018.
Albert Bourla, PhD, will take over the role beginning Jan. 1, 2020. Mr. Bourla succeeded Mr. Read as CEO earlier this year and previously served as COO.
Pfizer has been working to offset revenue losses resulting from increased competition from lower-cost generic rivals. Under Mr. Bourla’s leadership, the company shifted its focus to patent-protected drugs and vaccines with the potential for significant sales growth instead of having a more diversified portfolio with slower growth potential according to The Wall Street Journal.
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