Former Pfizer CEO Ian Read and ex-CFO Frank D'Amelio said they will not be involved with activist investor Starboard Value, which reportedly wants the U.S. drug giant to make changes to turn its performance around.

Starboard’s stake comes amid a time of struggle at the drugmaker, which has begun to cut costs aggressively as demand for its Covid-19 medicines recedes.

(Reuters) - Pfizer's former CEO and Chair Ian Read and ex-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.

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.

Pfizer Inc. (NYSE:PFE) shares rose more than 3% on Wednesday following reports that CEO Albert Bourla is scheduled to meet with executives from activist hedge fund Starboard Value next week. The news reported by the

Albert Bourla, the CEO of pharmaceutical company Pfizer ($PFE), plans to meet with activist investor Starboard Value in coming days. The Financial

Shares of Pfizer PFE rose 2.17% on Oct. 7 after a report from The Wall Street Journal stated that activist investor Starboard Value has taken a roughly $1 billion stake in the company. Investors cheered the news on hopes of a plausible turnaround with this investment.