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Psychiatric drug maker gives record pay-off

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Pfizer manufacturers the psychiatric drug Zoloft, and announced they were giving a record "golden parachute" to their top executive Hank McKinnell.

Pfizer departing CEO to receive record compensation

Saturday, December 23, 2006 9:08:48 AM ET

NEW YORK, December 22 ( – Pfizer Inc (PFE.NYS), the world’s largest drugmaker, Thursday said in a regulatory filing that its outgoing CEO, Hank McKinnell, would receive nearly $198 million in total compensation.

The company, in its recent regulatory filing with the SEC, said that McKinnell will receive $12 million in severance payments, a $2 million pro-rated bonus for 2006, $6 million in restricted stock payments and $18 million in other stock payments. The compensation package includes an estimated $82.3 million in pension benefits and $77.9 million in deferred compensation. McKinnell has been succeeded by Jeffrey Kindler as Pfizer’s new Chairman and CEO. McKinnell is to exit the board of directors in February. The company’s share price had declined by nearly 40% during McKinnell’s tenure as Chairman.

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