October 1, 2018: Us pharmaceutical giant Pfizer has announced that its operating chief Albert Bourla will be the next Chief Executive Officer from January 1 2019, replacing Ian Read who held the top post at the drugmaker for the last eight years.

Read will take over the role of executive chairman, the company said in a statement.

“It's been an honor to serve as Pfizer's CEO for the past eight years. However, now is the right time for a leadership change, and Albert is the right person to guide Pfizer through the coming era,” Ian was quoted as saying.

Under Read's tenure, Pfizer won 30 approvals from the U.S. health regulator as well as weathered patent expiration on a few of its blockbusters, including cholesterol drug, Lipitor.

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