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Pharmaceutical

Pfizer CEO compensation valued at $11.4 million

March 19, 2007
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The Associated Press reports that Pfizer Inc. chairman and CEO Jeffrey B. Kindler received compensation last year that the company valued at $11.4 million, according to a regulatory filing on Thursday. Kindler''s compensation was bested by his predecessor, Henry McKinnell, who received over $12.9 million. Kindler became CEO last summer and chairman last December after McKinnell vacated the posts ahead of schedule, in part because of ire over his rich retirement package, which totaled more than $180 million even though Pfizer stock declined roughly 40 percent in the five years he was at the company''s helm. Kindler received a base salary of $1.1 million and a bonus of $3.3 million. He received stock and options with an estimated value of $6.7 million when they were granted. Other compensation totaled $265,318 which included perquisites such as $122,388 for aircraft usage, $10,000 for financial counseling and $2,364 for a home security system.Kindler''s bonus fell short of $4.05 million he could have received. Pfizer is undergoing a massive restructuring as it struggles with patent losses and a business environment where insurers and other larger purchasers of drugs are demanding lower prices and more evidence of products'' worth. Earlier this year, Pfizer announced it was cutting 10,000 jobs, or roughly 10 percent of its work force, and closing at least five facilities as part of an effort to slash its annual costs by up to $2 billion by the end of next year.

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