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Reply #15: In Spite of Shareholder Objections, Pfizer's McKinnell to get $180M package [View All]

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-22-06 08:22 AM
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15. In Spite of Shareholder Objections, Pfizer's McKinnell to get $180M package

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 package also provides him with an annual pension of $6.6 million until he dies. Pfizer estimated the pension's lump-sum value to be $82.3 million.

McKinnell vacated the CEO spot in July, 19 months before he was scheduled to step down, under pressure from investors angered about his retirement package and a drop of as much as 40 percent in the company's stock price during his five years in charge.

For some investors, already angry over the stock's slide, McKinnell's retirement package was a flash point. At Pfizer's April annual meeting in Lincoln, Neb., a plane flew overhead trailing a banner that said, "Give it back, Hank!" Two proxy advisory companies had called for removal of board members and the AFL-CIO led a protest against the retirement package. The board members were re-elected, however.

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