Former Pfizer Executives Reject Starboard Value Campaign

Starboard Value has requested that Pfizer establish a special committee to investigate allegations that former executives Ian Read and Frank D'Amelio were pressured to publicly support CEO Albert Bourla. Both Read and D'Amelio have officially declined to support Starboard's activist campaign, stating their confidence in Bourla and the current management team to enhance shareholder value. This decision comes after Starboard acquired a nearly $1 billion stake in Pfizer and aims to initiate significant changes to improve the company's performance amid declining stock prices and vaccine sales. Pfizer's shares have fallen over 9% in the past year, prompting concerns about its future direction. Discussions between Bourla and Starboard's leadership are expected to occur soon, as the company navigates its financial challenges. The situation highlights the ongoing tension between corporate governance and activist investors in the pharmaceutical sector.