Business & Finance
COO Bourla Named as Next CEO of Pfizer
2 October 2018 - - US-based pharmaceutical company Pfizer Inc.'s (NYSE: PFE) board of directors has unanimously elected Dr. Albert Bourla, 56, Pfizer chief operating officer, to succeed Ian Read as CEO effective 1 January 2019, the company said.
Ian Read will transition from his current role as chairman and CEO to Executive chairman of Pfizer's board of directors.
Read was named CEO of Pfizer on 6 December 2010, and chairman of its board of directors on 12 December 2011.
Prior to assuming the role of COO on 1 January 2018, Bourla led Pfizer's Innovative Health business, which recorded revenues of USD 31.4bn and income before taxes of USD 18.3bn in 2017, representing an 8% and 17% year-over-year operational growth respectively and an increase of profitability to 58% compared to 54% the previous year.
Albert also established the Innovative Health Emerging Markets region, with USD 4.4bn in revenues in 2017, reflecting operational growth of 18%.
Prior to his appointment as leader of Pfizer Innovative Health, in January 2014 he became the group president of the Vaccines, Oncology and Consumer Healthcare business unit.
Under his leadership within four years, the Oncology business tripled in size, the Vaccines business grew by 50% and the Consumer Healthcare business significantly improved its profitability.
In addition, Bourla spearheaded several key transactions to advance Pfizer's Oncology, Inflammation and Immunology, Vaccines and Rare Disease portfolios, and prioritised investments to create a leading Oncology business with strong positions in breast and prostate cancer franchises.
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