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PFIZER CEO STEPS DOWN AS GENERIC ALTERNATIVES SHAKE THE MASSIVE DRUG COMPANY

  image from www.bing.comPfizer Inc. CEO Ian Read will entrust his position to COO Albert Bourla on Jan. 1, 2019, but Read will remain as executive chairman of Pfizer’s board of directors after a tenure during which the company’s stock increased roughly 160 percent.

“The company has come out of the abyss it was in, and is really poised for growth,” Read, 65, told The Wall Street Journal. “Given my age, it’s time for me to move on.”

Read became the giant drug company’s CEO in 2010. The “abyss” he refers to could be drug patent loss: Read’s leadership helped Pfizer continue to innovate as it lost revenue when the patents for its products like cholesterol medication Lipitor ran out, reported TheWSJ.

Read’s replacement Bourla has been in charge of Pfizer’s “vaccines, oncology and consumer health care business,” reported the Chicago Sun-Times.

 

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