Former Pfizer CEO Ian Read and ex-CFO Frank D'Amelio announced their decision to withdraw involvement from activist investor Starboard Value's campaign targeting the pharmaceutical giant. In a joint statement, they expressed full support for current Pfizer Chairman and CEO Albert Bourla, senior management, and the board.
This reversal comes just days after news broke of Starboard Value's approximately $1 billion stake in Pfizer and its efforts to push for a turnaround. The former executives had initially been approached by Starboard to support its campaign.
The withdrawal of support from these prominent former leaders could significantly impact the activist investor's leverage and strategy. It potentially reduces immediate pressure on Pfizer's current management to implement Starboard's proposed changes.
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