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Pfizer COO Bourla to succeed Read as CEO

October 1, 2018 9:45 PM UTC

Pfizer Inc. (NYSE:PFE) named an insider, COO Albert Bourla, to succeed Ian Read as CEO on Jan. 1. During Read’s eight-year tenure, he reshaped Pfizer into a slimmer, three-part organization and helped it navigate key patent expirations of three of its top-selling drugs. However, he struggled with executing his vision to grow the pharma's innovative business through M&A.

Before becoming COO in January, Bourla served as group president of Pfizer's innovative health unit, which posted 2017 revenues of $31.4 billion, and prior to that, as group president of vaccines, oncology and consumer healthcare. Bourla joined Pfizer 25 years ago as a technical director in the pharma's former animal health division. ...

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