WTIC1080

Outgoing Pfizer CEO to Receive About $9.6 Million

View Comments

NEW YORK (AP) _ Outgoing Pfizer CEO Jeffery B. Kindler will receive about $9.6 million in cash, plus stock incentives, as part of his compensation after abruptly leaving the drug developer after nearly five years leading the company.

Kindler will receive a bonus cash payment of just under $3.3 million, a short-term incentive award of $1.8 million, and a cash severance payment of just over $4.5 million. The plan also includes an existing retirement benefit and stock options.Kindler was replaced on Sunday by Ian Reade, 57, who steps in to lead the company as it deals with a declining share price, repeated failures of potential new products and expirations of patents on
key drugs.

(Copyright 2010 by The Associated Press.  All Rights Reserved.)

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 794 other followers