Pharmaceutical giant Pfizer (PFE) has named company veteran Chris Boshoff its chief of research and development (R&D) as it looks to produce new prescription drugs.
The appointment of Boshoff as head of R&D comes as Pfizer fends off activist investor Starboard Value.
Starboard has accused Pfizer of running poor research and development operations and is agitating for change at the New York City-based company.
Pfizer has struggled over the past few years as global sales of its Covid-19 vaccine slump.
The company said Boshoff will takeover as head of R&D on January 1, 2025, and oversee all aspects of new drug development within Pfizer.
Boshoff previously led Pfizer’s cancer, or oncology, division. Analysts said his appointment likely signals that the drug maker plans to focus on new cancer treatments going forward.
Boshoff has worked at Pfizer for 11 years and succeeds Mikael Dolsten, the executive who oversaw the development of Pfizer’s profitable Covid-19 vaccine and related medications.
Pfizer’s recent track record of developing new drugs has been dismal and includes poor results for an obesity drug and the cancellation of a sickle cell disease treatment after deaths occurred during clinical trials.
Pfizer’s stock has declined 16% this year and currently trades at $24.94 U.S. per share.