Pfizer (NYSE: PFE) CEO Ian Read will step away from the company’s top job at the end of the year and become executive chairman of its board of directors, the company announced Monday. Albert Bourla, currently Pfizer’s chief operating officer, has been elected by the board to serve as the company’s CEO. The changes for both will become effective Jan. 1.
Read became Pfizer’s CEO in 2010, and he was named board chairman in 2011. Bourla, a 25-year Pfizer veteran, was appointed COO in January. Before that, he led the company’s Innovative Health business unit.