Processing Magazine

Pfizer cuts employee severance package to reduce costs

April 11, 2012

NEW YORK — Pfizer Inc. is cutting its employee severance package after May 14 in an effort to reduce costs, Bloomberg reported.

The pharmaceutical giant, which has fired 26,000 workers in three years, has been focused on trimming costs since it acquired Wyeth in January 2009.

CEO Ian Read, who took over in December 2010, has pledged to cut $1 billion from operations in 2012.