(Reuters) – Pfizer (NYSE:) former CEO and Chairman Ian Read and former CFO Frank D’Amelio said in a statement that they will not partner with activist investor Starboard Value, which wants the US pharmaceutical giant to make changes to turn around its performance.
“We fully support Pfizer Chairman and CEO Albert Bourla, senior management and the board, and are confident they will deliver shareholder value over time,” the executives said in a statement issued Wednesday by Guggenheim Partners. Consultant for Pfizer.
Pfizer and Starboard did not immediately respond to Reuters’ request for comment.
Reid, who served as CEO until Albert Bourla took over in 2019, and D’Amelio, who served as CFO until 2021, have expressed interest in helping Starboard Value following its acquisition of a roughly $1 billion stake in Pfizer, sources familiar with the matter said. With this matter to Reuters on Sunday.