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Pfizer investor fight gets dirty
Posted 14 October 2024 PM
In a scathing letter, activist investor Starboard Value has accused Pfizer of coercing its former CEO and CFO into retracting a pledge to help Starboard turn the business around, pointing the finger at unnamed Pfizer employees or representatives and branding the alleged action as "flagrantly unethical and a significant breach of fiduciary obligations".
The frank letter to the Pfizer Board throws a shadow over a meeting between Starboard and CEO Albert Bourla and Pfizer's Lead Independent Director Shantanu Narayen scheduled for later this week. The main gripe of the activist investor is that it claims to have had former CEO Ian Read and ex-CFO Frank D'Amelio on board to help the company "pursue a better path forward" but now they've pulled out.
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Posted 14 October 2024 PM
In a scathing letter, activist investor Starboard Value has accused Pfizer of coercing its former CEO and CFO into retracting a pledge to help Starboard turn the business around, pointing the finger at unnamed Pfizer employees or representatives and branding the alleged action as "flagrantly unethical and a significant breach of fiduciary obligations".
The frank letter to the Pfizer Board throws a shadow over a meeting between Starboard and CEO Albert Bourla and Pfizer's Lead Independent Director Shantanu Narayen scheduled for later this week. The main gripe of the activist investor is that it claims to have had former CEO Ian Read and ex-CFO Frank D'Amelio on board to help the company "pursue a better path forward" but now they've pulled out.
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