Outgoing Pfizer CEO to Receive About $9.6 Million

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.)

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