07:23 AM EDT, 10/10/2024 (MT Newswires) -- Pfizer's ( PFE ) former chief executive officer Ian Read and ex-chief financial officer Frank D'Amelio said in a joint statement late Wednesday that they will not participate in activist investor Starboard Value's efforts regarding 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," Read and D'Amelio said in a statement issued by Guggenheim Securities on behalf of them.

Earlier this week, the Financial Times reported, citing unidentified sources, that Read and D'Amelio advised Starboard and pitched the activist investor's plans to chief executive officer Albert Bourla and at least three other directors before Starboard disclosed its $1 billion stake in the drugmaker.

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