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Pfizer has named operating chief Albert Bourla as its next CEO, replacing Ian Read, who has held the top post at the drug maker for the past eight years. Bourla will take over at the start of the next year, with Read transitioning to role of executive chair, the company said. Under Read's tenure, Pfizer won 30 approvals from the US health regulator as well as weathered patent expiration on a few of its blockbusters, including cholesterol drug, Lipitor. Pfizer's shares, which have risen about 160% since Read took over as CEO in December 2010, were trading down 0.18% at $43.99 before the bell. "It's been an honour to serve as Pfizer's CEO for the past eight years," Read said. "However, now is the right time for a leadership change, and Albert is the right person to guide Pfizer through the coming era." Before becoming chief operating officer at the start of 2018, Bourla led the drug maker's Innovative Health unit, which recorded revenue of $31.4bn in 2017. "Today's leadership announce...

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