Activist investor Starboard Value is reported to have taken an approximately $1 billion stake in pharmaceutical giant Pfizer and plans to maneuver a turnaround, reports say. This development comes as the struggling drugmaker cuts costs amid declining demand for its COVID-19 medicines.
According to a CNBC report, while the exact plans of Starboard remain undisclosed, it has reached out to two former Pfizer executives -- former CEO Ian Read and ex-finance chief Frank D'Amelio -- who have both expressed interest in supporting the activist investor's turnaround efforts.
