Although Pfizer Inc. (PFE) investors might argue that he belongs on the naughty side of Santa's Christmas list, Henry A. McKinnell won't be complaining about what he finds in his stocking this year.
Forced into an early retirement in part because of investor anger at his rich retirement benefits, McKinnell will get every shiny penny of it and even more, according to this AP news article. Yep, the company disclosed in a filing with the Securities and Exchange Commission that his package totals more than $180 million, which consists of $82.3 million in pension benefits, $77.9 million in deferred compensation, and cash and stock totaling more than $20.7 million.
Oh but wait! That's not all folks. If McKinnell gets a $18.3 million stock award too that figure would go up to $200 million. Of course, that is contingent on the future performance of the company's stock.
Okay to be fair, $67 million of his own money is included in the deferred pension sum and $305,644 is for unused vacation time. I think he can take all the vacations he wants now.
The spot of CEO of the world's largest drugmaker was vacated 19 months early, due to pressure from investors who not only were angered by his retirement package but also the drop of as much as 40 percent in the company's stock during his five year tenure.
The new head honcho will be Jeffrey B. Kindler who has no contract, a mu
ch lower salary and his pay is more tied to the stock's performance. Ya think?
Hopefully it will be enough to placate investors while Pfizer recovers from $800 million lost in developing torcetrapib, a cholesterol drug that the company hoped would be a blockbuster.
Shares fell 14 cents today.
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