The former CEO and finance chief of Pfizer have distanced themselves from Starboard's activist campaign.

• Two Pfizer executives who were previously associated with Starboard Value's campaign at the struggling drugmaker announced they would withdraw from the effort late Wednesday evening.
• The former CEO and CFO expressed their complete backing for the current CEO and management team.
• The company has a roughly $1 billion position on Starboard and is looking to execute a turnaround.

Ian Read and Frank D'Amelio, the former CEO and CFO of the struggling pharmaceutical giant, announced on Wednesday evening that they would no longer be involved in Starboard Value's campaign. This decision came just days after news of the activist's stake in the company was made public.

Read and D'Amelio were "fully supportive" of Pfizer CEO Albert Bourla in a joint statement made via an investment bank and confirmed to be authentic. The duo had been in contact with a number of directors shortly before news of Starboard's stake broke Sunday evening, according to people familiar with the matter.

The two former executives expressed confidence that Pfizer's current board and management would eventually deliver shareholder value, despite the company's shares being flat for the year and down by approximately 50% from their 2021 highs.

The unusual occurrence of executives joining an activist's campaign and then walking away from it has been brought to light as Pfizer's board grapples with Starboard's Jeff Smith's efforts.

The impact of Starboard's breakaway on its campaign was not immediately clear, as a representative for the activist fund did not immediately respond to a request for comment. Starboard, a prominent activist fund with a $1 billion stake in the pharmaceutical company CNBC previously reported, has been known for its tenacity in pushing for changes in corporate management and strategy.

In recent months, Jeff Smith, the managing member at Starboard, has launched campaigns in both and. Although it primarily concentrates on the technology industry, it also invested in and Wall Street Journal parent this year.

Representatives for Pfizer did not immediately return requests for comment.

This is a developing story. Please check back for updates.