Former Pfizer (PFE) executives have rescinded their support of activist investor Starboard Value as it seeks to turn around the struggling pharmaceutical company. Former CEO Ian Read and former CFO Frank D'Amelio are instead putting their full weight behind Pfizer CEO Albert Bourla and Pfizer's board, according to a statement published through Guggenheim Securities.

Starboard Value is scheduled to meet with Pfizer's lead independent director and Bourla on October 16.

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This post was written by Melanie Riehl