- Push-out Score determined
- After eight years in the position
- Accolades, praise and thanks for Read
- Read will remain as Executive Chairman at Pfizer
- Read said 112 words
(exechange) — New York, October 1, 2018 — Ian Read, chief executive of Pfizer, hands over the reins. As announced by Pfizer Inc. in a news release on Monday, October 1, 2018, Ian C. Read leaves his post as Chief Executive Officer at the pharmaceutical corporation after eight years in the role, effective December 31, 2018.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 8.9 years, according to data compiled by exechange.
Read’s duties will be taken over by Albert Bourla, currently Chief Operating Officer of Pfizer Inc.
“Thoughtful, multi-year succession planning process”
Read’s departure from the CEO post is explained as follows. Shantanu Narayen, Lead Independent Director of Pfizer’s Board of Directors, said: “Today’s leadership announcement is part of a thoughtful, multi-year succession planning process.”
Read will remain as Executive Chairman at Pfizer
“Ian Read will transition from his current role as Chairman and CEO to Executive Chairman of Pfizer’s Board of Directors,” Pfizer said.
Share price rise since December 2008
The change follows a rise in the share price of Pfizer Inc. since December 2008.
In the position of CEO since 2010
Ian Read was named CEO of Pfizer on December 6, 2010, and Chairman of its Board of Directors on December 12, 2011.
Prior to being named Chairman of the Board in 2011, and Chief Executive Officer in December 2010, he served as Senior Vice President and Group President of the Worldwide Biopharmaceutical Businesses, which he led from 2006 through December 2010.
In that role, he oversaw five global business units—Primary Care, Specialty Care, Oncology, Established Products and Emerging Markets.
Read began his career with Pfizer in 1978 as an operational auditor.
He worked in Latin America through 1995, holding positions including Chief Financial Officer, Pfizer Mexico, and Country Manager, Pfizer Brazil.
In 1996, he was appointed President of Pfizer’s International Pharmaceuticals Group, with responsibility for Latin America and Canada. He became Executive Vice President, Europe, in 2000, was named a Corporate Vice President in 2001, and assumed responsibility for Canada, in addition to Europe, in 2002.
Read later became accountable for operations in both the Africa/Middle East region and Latin America as well.
Read is a Director of Kimberly-Clark Corporation.
He also serves on the Boards of Pharmaceutical Research and Manufacturers of America (PhRMA), International Federation of Pharmaceutical Manufacturers & Associations (IFPMA) and the Partnership of New York City.
Read received his B.Sc. in chemical engineering from London University Imperial College in 1974 and earned his Chartered Accountants certification from the Institute of Chartered Accountants of England and Wales.