British chief to quit US pharma

PFIZER’S British chief executive is standing down after nearly eight years in charge.

Ian Read said ‘now is the right time for a leadership change’ at the American pharmaceuticals group, which makes Viagra, breast cancer drug Ibrance and cholesterol pill Lipitor. The 65-year-old has been at Pfizer for 25 years and became boss in December 2010. He will become executive chairman on January 1.

Chief operating officer Albert Bourla, 56, will replace him.