Two former Pfizer executives who were previously linked to activist investor Starboard Value's campaign at the struggling drugmaker said they would step back from the push late Wednesday evening.
Former CEO Ian Read and ex-CFO Frank D'Amelio voiced their full support for current CEO Albert Bourla and the management team.CEO Ian Read and ex-CFO Frank D'Amelio said Wednesday evening that they would step away from Starboard Value's campaign at the struggling pharmaceutical giant, just days after news of the activist's stake broke.
It was also not immediately clear what impact, if any, the breakaway would have on Starboard's campaign. A representative for the activist fund did not immediately return a request for comment. Starboard, one of the largest and most tenacious activist funds, has amassed a roughly $1 billion position in the pharmaceutical firm, CNBC previously reported.