Pfizer's McKinnell to get $180M package

[PSPS]

NEW YORK — Pfizer Inc.'s former chief executive, Henry A. McKinnell, who was forced into an early retirement in part because of investor anger about his rich retirement benefits, will get every penny of it and more, a new regulatory filing shows.

McKinnell's package, which the company disclosed in a filing with the Securities and Exchange Commission Thursday, totals more than $180 million. It includes an estimated $82.3 million in pension benefits, $77.9 million in deferred compensation, and cash and stock totaling more than $20.7 million.

The total value could grow to almost $200 million if McKinnell gets a $18.3 million stock award, but that is contingent on the future performance of the stock of the world's largest drugmaker.

The company said McKinnell's departure "contractually obligated" it under his employment agreement to provide McKinnell with certain severance payments and benefits.

More at: http://seattletimes.nwsource.com/APWires/headlines/D8M5LD9O0.html


Chairman and CEO of Pfizer, USA, Henry McKinnell speaks during a media conference at the World Economic Forum in Davos, Switzerland in this 2005 file photo. McKinnell who was forced into an early retirement in part because of investor anger about his rich retirement benefits, will get every penny of it and more, a new regulatory filing shows.

[LuckyLib]

1. Just one more corporate criminal cleaning up on the way out.

Name the business -- the airlines, health insurance, bigpharma. Thugs one and all.

[saigon68]

9. Also most are supporters of this vapid, drug addled, genus Pan troglodyte

[Contrite]

2. What an image.

As he sits in front of a "World Economic Forum" backdrop.

That sign he's making with his hand--does that indicate the size of the portion of his "retirement benefits" compared to what Cheney made off Halliburton?

[Egnever]

3. Yes god forbid we negotiate drug prices with these tools

Although I gotta say the fact that he got that medicare bill while he was at the helm probably makes him worth every penny for them.

180 million. :wtf:

Thank grama and grampa for that on your way out the door

[Binka]

4. Robber Baron n/t

[OneBlueSky]

5. obscene . . . just plain obscene . . . n/t

.

[zeemike]

6. Well ya know they have to pay people well to take those jobs

I know myself I would not take one for less than 100 mil a year, and even then they would have to sweeten the package a little to make me Happy in my job.

[tomhayes]

7. As one of the many people laid off from Pfizer in the last two years all I can say is:

I hope he CHOKES on it

[Thor_MN]

8. I know Viagra is expensive, but a $180M package?

$78M in deferred compensation. Kind of like the GOP spending money they don't have on foolish things. You just can't separate GOP think from Corporate think, which I believe is called Fascism.

[SOS]

10. Imagine the payout

if the stock had gone up, instead of down 50%.

Employees? Fired.
Shareholders? Lost half their money.
CEO? Massive compensation package.

It's the new American hyper-capitalism, where everyone loses except the top 0.1%.

[Occulus]

11. The really really really fucking sick part is, there are people HERE AT DU who

defend this!!

Oh, but they're "in the industry", so they "understand why".

Bollocks.

This is UNDESERVED. I don't CARE what you've "accomplished".
NOBODY deserves this much compensation for ANYTHING. Period.

[jollyreaper2112]

12. you silly prole

It's impossible to attract TOP TALENT without paying TOP DOLLAR. Could you imagine the bums that would be coming in off the street if they only paid $10 million a year? My God, it would be like descending to the level of animals or...or... ethnic people! You'd be rubbing shoulders with the staff. I get the vapours just contemplating it. Someone be a deer and freshen my drink before I get any more upset.

[BootinUp]

13. link not workin for me...

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