NEW YORK, Oct 22 (Reuters) - Activist hedge fund

Starboard Value's chief investment officer Jeffrey Smith said on

Tuesday that drugmaker Pfizer Inc's ( PFE ) board needs to hold

management accountable for its underperformance.

"We measure success in producing blockbuster drugs and we

all get measured by our track records. The track record here is

not great," Smith said, speaking at the 13D Monitor

Active-Passive Investor Summit in New York.

Starboard has built a $1 billion position in Pfizer ( PFE ), but had

not previously detailed its concerns about the drugmaker.