Pfizer (PFE) stock skidded Thursday after former executives Ian Read and Frank D'Amelio said they are siding with the drugmaker in its dispute with activist investor Starboard Value.
In a statement, the duo said they have decided not to be involved in Starboard's efforts to turn the tide at Pfizer. Read is the company's previous chief executive and hand picked his successor, Albert Bourla. Bourla took the reins in 2019. D'Amelio was the company's chief financial officer.
"We are fully supportive of Pfizer Chairman and CEO Albert Bourla, senior management and the board, and we are confident that over time they will deliver shareholder value," Read and D'Amelio said in a statement.
In premarket trades on today's stock market, Pfizer stock dropped 1.3% to 29.80. That reversed from a 2.2% climb on Monday after Starboard reportedly took a $1 billion stake in the drugmaker.
Pfizer declined to confirm Starboard's interest in an email to Investor's Business Daily. Starboard didn't return a request for comment.
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