Pfizer CEO and Chairman Ian Read will step down from his roles Jan. 1 after eight years on the job, the company confirmed Oct. 1.
The drugmaker's COO Albert Bourla, DVM, PhD, will take over for Mr. Read in what the company is calling a planned transition. Mr. Read will serve as executive chairman of Pfizer's board of directors.
Throughout Mr. Read's tenure, Pfizer has received 30 FDA approvals and recorded a total shareholder return of 250 percent.
Before taking the helm as COO of Pfizer Jan. 1, 2018, Dr. Bourla led its innovative health business. He also spearheaded several initiatives to advance Pfizer's oncology, inflammation and immunology, vaccines, and rare diseases portfolios.
"It's been an honor to serve as Pfizer's CEO for the past eight years," Mr. Read said in a company statement. "However, now is the right time for a leadership change, and Albert is the right person to guide Pfizer through the coming era ... With Albert at the helm, our dedicated colleagues across the globe are poised to deliver the next stage of growth."