Pfizer appointed a former chief executive officer at Vanguard, the drug giant's biggest investor, to its board on Tuesday as it faces pressure from activist hedge fund Starboard Value. Mortimer "Tim" Buckley served as Vanguard's chairman and chief executive until this year when he announced his retirement.

Activist investor Starboard Value claims the pharma giant’s former CEO and CFO were “threatened” into backing current management.

The ongoing corporate battle between Pfizer and activist investment firm Starboard Value escalated on Thursday when Starboard pushed Pfizers board to investigate alleged coercive actions. This follows the

The corporate clash between Pfizer and Starboard Value heated up on Thursday when the activist investment firm pressed the U.S. drugmaker to investigate actions by its board, after two former executives backed out of its campaign against the company.

With Pfizer’s revenue and share price slumping after the drugmaker skyrocketed to new heights during the pandemic, the company’s executives will reportedly hear out activist investor Starboard Valu | Activist investor Starboard Value recently picked up a $1 billion stake in the drugmaker and will now pitch a strategy shift to top executives,

Activist investor Starboard Value has acquired a $1 billion stake in Pfizer, urging the company to improve its performance. Starboard has reached out to former execs for assistance, while Pfizer faces challenges with falling COVID-19 sales and competition for its drugs.

Starboard has accused Pfizer of “coercive conduct” after executives who initially backed the hedge fund retracted their support.