01:12 PM EDT, 10/22/2024 (MT Newswires) -- Pfizer's ( PFE ) board was urged by Starboard Value Chief Executive Officer Jeffrey Smith to hold management accountable for underperformance, Reuters reported Tuesday, citing a speech at an investor conference in New York.

"We measure success in producing blockbuster drugs and we all get measured by our track records," Smith said. "The track record here is not great," he said, according to Reuters.

Starboard has a $1 billion stake in Pfizer ( PFE ).

Smith said poor capital allocation, research and development failures and forecasting and budgeting problems eroded value in Pfizer ( PFE ), Reuters reported.

Pfizer ( PFE ) and Starboard didn't immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 28.85, Change: -0.09, Percent Change: -0.29