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In the context of increasingly stringent drug pricing reviews, Ian Read, CEO of Pfizer (PFE.N), the largest U.S. pharmaceutical company, will hand over the stick to Albert Bourla, an experienced executive, in January after eight years in charge.
The Scot joined Pfizer in 1978, and under his leadership Pfizer withstood the expiration of several best-selling drug patents, including lipitor, through mergers and acquisitions, expansion in emerging markets and cost-cutting.
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In Yan Ruide's post, Pfizer has 30 drugs approved by the US regulatory authorities. But Mr Yan failed to complete two big deals that helped reduce corporate tax payments, namely the 2014 acquisition of AstraZeneca and the 2016 acquisition of Allergan, the Botox producer.
Albert, 56, was promoted to a newly created chief operating officer (COO) position earlier this year and is widely regarded as a hot candidate for a new CEO.
Pfizer shares rose 0.45% to $44.27 on Monday, hitting a 17 year high of $44.51 earlier in the session. Since Reed became CEO in December 2010, Pfizer shares have risen by about 160%.


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