Pfizer gets new CEO; Merck extends retirement of existing one

By PharmaCompass

2018-10-04

Impressions: 107 Article

This week, New York-headquartered Pfizer Inc announced its board of directors has unanimously elected Albert Bourla, 56, Pfizer’s Chief Operating Officer (COO), to succeed Ian Read as CEO effective January 1, 2019. Read will transition from his current role as Chairman and CEO to Executive Chairman of Pfizer’s Board of Directors.

“It’s been an honor to serve as Pfizer’s CEO for the past eight years,” stated Read. “However, now is the right time for a leadership change, and Albert is the right person to guide Pfizer through the coming era,” Read added. Bourla has spent 25 years at Pfizer.

Meanwhile, Merck announced its Board of Directors has revoked its policy subjecting the company’s CEO to mandatory retirement at age 65. Merck also announced that its current CEO, Kenneth C. Frazier, has agreed to remain in his position beyond December 2019, when he turns 65.

A year ago, Frazier had made headlines as he had publicly stood up to the Trump administration since he was outraged by the US President Donald Trump’s unwillingness to condemn white supremacists involved in a deadly clash in Virginia. Frazier had also resigned from one of the president’s blue-chip advisory councils.

“CEO succession has been our top priority, and removing the mandatory retirement policy enables the Board to make the best decision concerning the timing of that transition,” said Leslie A. Brun, lead director, speaking on behalf of Merck’s Board of Directors.

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