The drugmaker Pfizer will replace CEO Ian Read with Chief Operating Officer Albert Bourla in January.

Pfizer said Monday that Read will then become executive chairman of the company’s board of directors.

The 56-year-old Bourla just became chief operating officer in January. Before that, he served as the head of the company’s Innovative Health business. He also has run the drugmaker’s vaccines, oncology and consumer health care business.

Read became CEO at the end of 2010 and has served as board chairman since 2011.

New York-based Pfizer Inc.’s products include the cholesterol pill Lipitor and the pain medication Lyrica.

Shares of the drugmaker slipped in early-morning trading.