Former Pfizer executives exit Starboard Value's campaign for company reform

Two former Pfizer executives, Ian Read and Frank D’Amelio, have withdrawn from hedge fund Starboard Value's campaign to reform the company. They expressed support for Pfizer's current leadership and management in a statement. Starboard Value has a $1 billion stake in Pfizer and believes the company has mismanaged funds from its Covid-19 vaccine. The hedge fund has not publicly detailed its plans for the company. Pfizer's market value has dropped significantly since its pandemic peak, now at $171 billion. Starboard's involvement recently boosted Pfizer's share price by 5 percent.