Oct 9 (Reuters) - Former Pfizer CEO Ian Read and

ex-CFO Frank D'Amelio said they will not be involved with

activist investor Starboard Value, which reportedly wants the

U.S. drug giant to make changes to turn its performance around.

"We have decided not to be involved in the efforts of

Starboard Value regarding Pfizer ( PFE )," the executives said in a

statement on Wednesday, which was issued by Guggenheim Partners,

an advisor to Pfizer ( PFE ).

"We are fully supportive of Pfizer ( PFE ) Chairman & CEO Albert

Bourla, senior management and the board, and we are confident

that over time they will deliver shareholder value."

Sources had earlier told Reuters that Starboard had

approached Read and D'Amelio and that both expressed interest in

helping the activist investor after it acquired a stake of about

$1 billion in Pfizer ( PFE ).

Pfizer ( PFE ) and Starboard did not immediately respond to a

Reuters request for comment.

Bourla and Shantanu Narayen, Pfizer's ( PFE ) lead independent

director, will hold talks with Starboard CEO Jeff Smith and

Patrick Sullivan, who runs its healthcare investments, next

week, the Financial Times reported on Tuesday.

Pfizer's ( PFE ) shares have fallen more than 9% in the past year

and trade at around half of their pandemic-era highs as sales of

its COVID products shrink.

The drugmaker has struggled to find a product that would

make up for the lost revenue from its COVID vaccine and pill.

Pfizer ( PFE ) has spent about $70 billion since 2020 on

acquisitions, including the $43 billion buyout of Seagen last

year, while launching cost-saving initiatives.