The brewing proxy fight between activist Starboard Value and pharmaceutical giant Pfizer has already taken a hostile turn. Anonymous sources have been disparagingly suggesting that Pfizer CEO Dr. Albert Bourla should be removed.
Starboard Value Founder Jeff Smith reportedly issued a fiery letter to Pfizer's board, alleging intimidation and coercion. These criticisms have been repeated time and again through anonymous leaks to the media.
After news reports suggested they initially sided with the activists, former Pfizer CEO Ian Read and former CFO Frank D'Amelio switched sides, abandoning their erstwhile Starboard allies and expressing their support for Bourla.
While Pfizer's stock price has gone sideways during Bourla's tenure, it is performing in line with, if not a bit stronger than, pharmaceutical peers such as Merck and Johnson & Johnson.
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