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Pfizer Inc. : Pfizer CEO 2011 Compensation Valued At $25 Million, Up 44% Vs 2010

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03/15/2012 | 10:07pm CET
  By Peter Loftus 

Pfizer Inc. (>> Pfizer Inc.) Chief Executive Ian Read received compensation valued at $25 million for 2011, up 44% from 2010, largely reflecting his promotion to the drug maker's top executive post in December 2010.

Read's compensation also was based partly on Pfizer exceeding targets set by the board's compensation committee for 2011 revenue, adjusted earnings and cash flow from operations, according to a proxy statement filed Thursday with the U.S. Securities and Exchange Commission.

The compensation committee cited Read's role in pursuing divestitures of noncore businesses and in returning cash to shareholders through dividends and share repurchases. Pfizer shares rose 23.6% for 2011.

Read, 58 years old, took over as Pfizer CEO in December 2010 when Jeffrey Kindler unexpectedly left the company. Read added the title of chairman of the board in December 2011.

For 2011, several elements of Read's compensation increased considerably. Stock awards rose to $5.7 million from $2.7 million, while the value of option awards surged to $6.9 million from less than $1 million, according to the proxy.

Read's salary was $1.7 million and his non-equity incentive plan compensation was $3.5 million. Other elements of his compensation: $6.9 million change in pension value and non-qualified deferred compensation earnings, and $319,000 in all other compensation.

For 2012, Read's salary will increase to $1.75 million, Pfizer said in the proxy.

Read, who joined Pfizer in 1978, has accumulated pension benefits with a total present value of about $27.4 million. In addition, the aggregate balance of Read's non-qualified deferred compensation is $8.2 million.

Pfizer Chief Financial Officer Frank D'Amelio received total compensation valued at $7.7 million for 2011, versus $6.5 million in 2010. Mikael Dolsten, president of worldwide research and development, received 2011 compensation valued at $7 million, up from $5.9 million for 2010.

Pfizer also disclosed in its proxy that its board compensation committee has made certain changes in executive pay in response to a disappointing shareholder advisory vote on executive compensation at last year's annual meeting.

The company has modified the terms of performance share awards so that they'll align more closely with performance, and has provided more a detailed explanation of its performance metrics, according to the proxy.

The compensation committee attributed the disappointing advisory vote at last year's annual shareholder meeting to dissatisfaction with the separation agreement with Kindler in late 2010. That agreement included a cash severance payment of $4.5 million and other compensation.

-By Peter Loftus, Dow Jones Newswires; 215-982-5581; [email protected]

Stocks mentioned in the article : Pfizer Inc.
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Financials ($)
Sales 2018 54 461 M
EBIT 2018 20 838 M
Net income 2018 12 806 M
Debt 2018 27 450 M
Yield 2018 3,74%
P/E ratio 2018 16,76
P/E ratio 2019 15,49
EV / Sales 2018 4,52x
EV / Sales 2019 4,23x
Capitalization 219 B
Duration : Period :
Pfizer Inc Technical Analysis Chart | 4-Traders
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 40,3 $
Spread / Average Target 9,5%
EPS Revisions
Ian C. Read Chairman & Chief Executive Officer
Albert Bourla Chief Operating Officer & Director
Frank A. D'Amelio Chief Financial Officer & EVP-Business Operations
Freda C. Lewis-Hall Chief Medical Officer & Executive Vice President
W. Don Cornwell Independent Director
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