Canned Pfizer CEO Walks Away with $198 Million

[donsu]

http://www.counterpunch.com/rost12222006.html

The Secrets of His Success


-snip-

What Dr. McKinnell and Pfizer kept as their own little secret is that the $82 million retirement package wasn't all this CEO had coming his way. Dr. McKinnell got canned from his CEO job in July 2006, almost two years before he was scheduled to step down, under pressure from investors angered about his retirement package and lack of performance.

Dr. McKinnell then "decided" to retire from his chairman job a few months early, on December 18, 2006, so Pfizer has now been forced to file an 8-K statement.

Turns out Dr. McKinnell had a few more dollars stashed away: $78 million in deferred pay to be exact, and $38 million in stock and severance payments.

-snip-

So congratulations are appropriate. Not every CEO can set investors straight; cut the share price in half, and take off with $198 million in his knapsack. That takes a certain kind of talent.

According to the separation agreement, Dr. McKinnell agrees to "provide reasonable assistance to and cooperate with the Company and its counsel in regard to any litigation presently pending or subsequently initiated involving matters of which Executive has particular knowledge as a result of Executive's employment with the Company. Such assistance and cooperation shall consist of Executive making himself available at reasonable times for consultation with officers of the Company and its counsel and for depositions or other similar activity should the occasion arise."
-snip-
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stock holders just love being snookered

[kentuck]

1. Makes you want to return to the 90% tax bracket, huh?

Obscene.

[devilgrrl]

2. Good for him - he earned it!

:sarcasm:


Now don't hide you randites - come out and defend this! :hide:

[thingfisher]

3. ...under pressure from investors

angered about his retirement package and lack of performance.

They were angry about his retirement package ( so he retires early). Angry abuot his lack of performance (so he retires early WITH his millions).

Who the hell wrties these contracts for Godsake? If a WalMart employee shows a lack of performance does he get to retire with a years wages just for showing up? This kind of shit has to stop! It is insane! What makes these underperforming CEO asses so damned valuable? What the hell are they required to do while in office to be able to leave under such enviable circumstances? I guess the answer to that question would clear the air a bit!

[judaspriestess]

4. all the while folks are losing their homes

because of astronomical medical bills that turn to collections in about a month, attach as liens making it impossible to refinance their homes.

[leftofthedial]

5. fucking criminal