The strategic development places the Ian Read as its chairman and opens up the CEO post which could be filled at a later date. Under Read’s steady stewardship, Pfizer Inc’s stock has gone up by 160% since December 2010.
Pfizer Inc has disclosed, its Chief Executive Ian Read would be also be its executive chairman from January 1, 2019.
Under the stewardship of Read, who joined the company in 1978, Pfizer won 30 approvals from the U.S. health regulator while weathering patent expirations on several of its blockbuster drugs including Lipitor, a cholesterol drug.
“This looks like a well-considered transition thus I’m not convinced it will herald a major change in strategic thinking, particularly as Ian will still stay on as chairman,” said Alistair Campbell, an analyst at Berenberg.
The appointment comes at a time when drugmakers are increasingly facing intense scrutiny over drug pricing with the Trump Administration pushing to lower the cost of prescription drugs.
In July, following a conversation between Trump and Read, Pfizer said it was deferring an increase in drug prices for no more than six months.
Ever since Read took over as CEO of the company in December 2010, Pfizer’s shares have risen steadily. So far they have risen by 160% since December 2010 and were seen trading up 0.36% at $44.23 on Monday.
“It’s been an honor to serve as Pfizer’s CEO for the past eight years,” said Read. “However, now is the right time for a leadership change, and Albert is the right person to guide Pfizer through the coming era.”