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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.

http://www.newratings.com/analyst_news/article_1448247.html

Pfizer departing CEO to receive record compensation


Saturday, December 23, 2006 9:08:48 AM ET
from: newratings.com

NEW YORK, December 22 (newratings.com) – 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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Leah Harris

Leah Harris, a second generation psychiatric survivor, discovered MindFreedom in 2000 when she was 25 years old. Her first act in the mad movement was to tell her story of oppression and resistance, and to help edit stories for MindFreedom's Oral History Project. Since then, she has been working in various ways to help achieve the vision of MindFreedom: an end to all forms of psychiatric oppression, healing of all forms of "normality," and the creation of vibrant, colorful communities that honor and celebrate diversity, difference, and the full range of human experience.
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