“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.