All sorts of reasons to give a CEO a raise: Revenue growth, bigger profits, execution of a big deal or restructuring ... and good lobbying? Apparently so. Pfizer cited Jeff Kindler's (photo) efforts on behalf of healthcare reform as one reason why his salary and bonuses are on their way up.
Kindler also wrapped up a major merger in 2009; perhaps that's the chief reason why his salary is set to grow to $1.8 million, an increase of 12.5 percent. Indeed, the company's Securities & Exchange Commission filing cited Pfizer's "increased complexity," which warrants a "corresponding increase in his salary grade."
Kindler's salary increase comes after a year of salary freezes for other top executives. And other Pfizer managers got raises, too. But his far outpaced the growth in other executive salaries, which rose at a maximum rate of 3.8 percent. And his annual incentive target bonus will also grow, to $2.7 million from $2.4 million. The increases take effect in April.
Meanwhile, Kindler's overall package for 2009 dropped by 4 percent, Dow Jones reports. His $14.9 million compensation package included $3.5 million in cash bonuses, $2.6 million in options, and $5.5 million in stock awards, plus other perks like a company car and private jet travel.
- read the Dow Jones story
- check out the Pharmalot post
- see the item at BNet Pharma