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Pfizer Names CEO Albert Bourla To Succeed Ian Read As Chairman - Quick Facts

Pfizer Inc. (PFE) announced Friday that its Board of Directors has unanimously elected Chief Executive Officer Dr. Albert Bourla to succeed Ian Read as Chairman of the Board of Directors, effective January 1, 2020. Read has chosen to retire on December 31, 2019.

Bourla will also retain the CEO role, to which he succeeded Read on January 1, 2019. Previously, he served as chief operating officer from on January 1, 2018 and led Pfizer's Innovative Health business prior to that. In January 2014, he became the group president of the Vaccines, Oncology and Consumer Healthcare business unit.

Read retires form Pfizer after serving the company for the past 41 years. He joined Pfizer in 1978 and was named CEO in December 2010, and Chairman of the Board of Directors in December 2011.

The company said the naming of Albert as Chairman is the result of a systemic and comprehensive succession plan undertaken by the board several years ago.

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