Activist investor Starboard Value urged Pfizer’s (PFE) leadership to do “something different” and hold management accountable for its weak performance, the Financial Times’ Oliver Barnes, Maria Heeter and James Fontanella-Khan report, citing comments Starboard CEO Jeff Smith made at an annual conference for activist shareholders. Smith knocked Pfizer for its failure under the leadership of CEO Albert Bourla to turn a $40B bump in cash flow from its Covid-19 products into better shareholder returns, saying return on investment from research and development efforts as well as a $70B deals spree was “not adequate” and that management had overseen “a minimum of $20B of value destruction”.
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