New CEO to Take Helm of Pharmaceutical Maker Pfizer

American pharmaceutical firm Pfizer announced on Oct. 1 that the firm’s current chief operations officer Dr. Albert Gourla will become its new chief executive officer. Ian Read, who currently occupies the top role and serves as chairman of the board, will step down on Jan. 1, 2019 to assume the role of Executive Chairman of Pfizer’s Board of Directors. 

The outgoing CEO was named to the position in December 2010. According to Pfizer, Read assisted the company in securing 30 approvals by the U.S. Food and Drug Administration (FDA), helped to generate a total shareholder return of 250%, and contributed to a direct return of $120 billion in capital to shareholders. 

“During an extraordinary period for the company, [Read] successfully managed through $23 billion of lost revenue due to product losses of exclusivity, while at the same time driving strong and consistent financial performance and investing in the future,” said Shantanu Narayen, lead independent director for Pfizer’s Board of Directors, in a company press release. “Consequently, Pfizer now has a pipeline that we believe is as deep and strong as ever.”

Dr. Broula became the COO of Pfizer on Jan. 1, 2018 and previously headed up the firm’s Innovative Health unit. During his tenure at the drug maker, he also established the innovative Health Emerging Markets region and served as group president of the Vaccines, Oncology, and Consumer Healthcare business. 

“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,” Ian Read said in a statement. “With Albert at the helm, our dedicated colleagues across the globe are poised to deliver the next stage of growth.”

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