The about face comes as the board grapples with the activist's efforts, and just days before Starboard's Jeff Smith was slated to meet with the CEO, sources said.

CFO Frank D'Amelio said in a statement that they will not be involved with activist investor Starboard Value, which wants the U.S. drug giant to make changes to turn its performance around. "We are fully supportive of Pfizer Chairman and CEO Albert Bourla,

Former Pfizer Inc. executives Ian Read and Frank D’Amelio have decided “not to be involved” in Starboard Value’s activist campaign against the drug company, according to statement released on their behalf late Wednesday.