It's proxy season again, and so we have the pleasure of dissecting the pay packages of our favorite Big Pharma executives. Today, Pfizer offers a double whammy, with two CEO salaries to peruse. Recall that ex-chief Jeffrey Kindler (photo) left abruptly in early December, and current chief Ian Read (photo) took over immediately.
First, we'll look at Kindler's golden goodbye. The board may have pushed him out, but thanks in part to his $68 billion Wyeth buyout, he qualified for $3.2 million in non-equity incentive pay and $9 million in stock awards. He also got more than $4.9 million in "other compensation," compared with $449,731 the previous year. In all, his exit raise amounted to $10 million, with a total 2010 compensation of $25 million, compared with roughly $15 million in 2009.
Next, Ian Read. The incoming chief's salary, options and incentive pay actually declined from 2009 levels, but a whopping $10.9 million in pension and deferred compensation pushed his total package to $17.4 million, up from $9.4 million in 2009. That's an increase of $8 million, or 85 percent.