These days, reading SEC documents is like being a fly on the wall in pharma's board rooms. Today, reporters observe that top Wyeth managers will reap a total of $22 million in payouts from the company when it's taken over by Pfizer later this year.
The biggest check will go to CEO Bernard Poussot (photo), in the amount of $10.25 million, the Associated Press reports. Gregory Nordon, CFO, is slated to receive a tad over $3 million, while Joseph Mahady, SVP and Wyeth Pharma chief, can plan on $3.62 million. Research chief Mikael Dolsten is down for $3 million. Bringing up the rear: general counsel Lawrence Stein and his $2.11 million payout.
The awards won't be fully vested until the Pfizer deal is complete, or until the manager either is dismissed "without cause" or resigns with a good excuse for leaving. They'll take the place of the usual stock and stock options awarded top execs each spring.
- see the AP story