Categories LATEST, Other Industries
Pfizer’s long-time CEO Ian Read to hand over reins to Albert Bourla
There were announcements from two giant companies in different sectors about the change in their CEOs Monday morning; pharma giant Pfizer (PFE) and industrial conglomerate General Electric (GE). Pfizer announced that its long-time CEO Ian Read will be replaced by its current COO Albert Bourla from the beginning of 2019, while GE appointed Larry Culp as CEO and Chairman replacing John Flannery effective immediately.
![Ian Read, Pfizer CEO](https://news.alphastreet.com/wp-content/uploads/2018/10/Ian-Read-Pfizer-CEO-300x180.jpg)
The chartered accountant who joined the pharma company as an operational auditor 40 years ago became the executive chief in 2010 after handling various positions in the company. During Read’s eight-year tenure as CEO, Pfizer has got 30 FDA approvals, increased its annual dividend by 70% and achieved a total shareholder return of 250%. Read will move to a new role, Executive Chairman from next year.
![Albert Bourla, new CEO](https://news.alphastreet.com/wp-content/uploads/2018/10/Albert-Bourla-Pfizer-COO-300x180.jpg)
Dr. Albert Bourla, who started his career in Pfizer as a technical director 25 years ago, held various positions before assuming the COO role from the beginning of this year. Under his leadership within four years, the Pfizer’s oncology business tripled in size and the vaccines business grew by 50%. Albert is a Doctor of Veterinary Medicine and holds a Ph.D. in the Biotechnology of Reproduction from the Veterinary School of Aristotle University.
The Scottish-born pharma giant head received a 61% pay hike last year with a condition of staying with the company until next March. This amounted to a total payment of $27.9 million, thus making Read as one of the highest paid CEOs of S&P 500 companies.
It is worth noting that President Donald Trump criticized Pfizer and other pharma companies for raising the drug prices in July this year. Responding to the criticism, Read spoke to Trump and deferred the planned increases of drug price hikes.
Shares of Pfizer reached a new 52-week high ($44.52) on Monday’s trading and closed at $44.27, up 0.45%. The stock has gained 22% so far this year and 24% in the past one year.
Most Popular
CL Earnings: Key quarterly highlights from Colgate-Palmolive’s Q2 2024 financial results
Colgate-Palmolive Company (NYSE: CL) reported its second quarter 2024 earnings results today. Net sales increased 4.9% year-over-year to $5 billion. Organic sales increased 9%. Net income attributable to Colgate-Palmolive Company was $731
Key takeaways from Visa’s Q3 2024 earnings report
Credit card behemoth Visa, Inc. (NYSE: V) this week reported mixed results for the June quarter, with earnings matching expectations and sales slightly missing the view. Both numbers grew in
Southwest Airlines (LUV): A look at the airline’s performance in Q2 2024
Shares of Southwest Airlines Co. (NYSE: LUV) were up over 6% on Thursday after the company beat earnings estimates for the second quarter of 2024. The stock has gained 4%