Former Pfizer 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.
Read and D'Amelio said they were "fully supportive" of Pfizer CEO Albert Bourla in a joint statement made via an investment bank and confirmed to be authentic.
The duo had been in contact with a number of directors shortly before news of Starboard's stake broke Sunday evening, according to people familiar with the matter.
For executives to join, and then walk away from an activist's campaign is highly unusual.
It was also not immediately clear what impact, if any, the breakaway would have on Starboard's campaign.
Persons:
Ian Read, Donald Trump, Frank D'Amelio, Read, D'Amelio, Albert Bourla, Jeff Smith, Bourla
Organizations:
Pfizer, White, Washington , D.C, Guggenheim Securities, dealmaking, CNBC, Autodesk, Wall Street, Corp
Locations:
Washington ,