Activist Investor Starboard Value Takes $1 Billion Stake in Pfizer, Presses for Strategic Changes
Activist Investor Starboard Value Takes $1 Billion Stake in Pfizer, Presses for Strategic Changes Source-wsj.com Starboard Value’s $1 Billion Investment in Pfizer In a significant move, activist investor Starboard Value has acquired a $1 billion stake in Pfizer, according to sources familiar with the matter. The U.S. pharmaceutical giant, known for its swift development of a COVID-19 vaccine, has faced recent challenges, prompting Starboard to push for strategic changes to revitalize the company’s performance. The news comes amid growing concerns over Pfizer’s declining stock price and underwhelming product launches. While both Starboard and Pfizer declined to comment on the situation, it has been reported that the investment firm has engaged former Pfizer executives Ian Read and Frank D’Amelio for advice. Read, who led the company as CEO until 2019, and D’Amelio, the former Chief Financial Officer, have expressed their willingness to assist Starboard in its efforts. ...