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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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Lauren Tenney, psychiatric survivor activist from New York State

First involuntarily institutionalized, at 15, Lauren Tenney is a survivor of psychiatry. She has been involved with the user and survivor movement since 1992. Her goal is to help stop forced psychiatric procedures, detainment, and confinement, human rights violations, psychiatric abuse and torture. Of particular concern are the elimination of forced electroconvulsive treatment (ECT) on people of all ages, but particularly children and senior citizens, forced drugging, restraints, seclusion, behavioral interventions, and coercion of any kind. Lauren, a Mad-Activist/ Artist/ Author/ Academic/ Adjunct Professor is coordinating The Opal Project, an outcome of participatory action research she coordinated for field research in the PhD program in Environmental Psychology at the Graduate Center, CUNY. Her dissertation topic is: "The Institutionalized "Community." She became involved with WE THE PEOPLE when the Law Project for Psychiatric Rights and MindFreedom International needed someone on the ground in Brooklyn, New York to coordinate a response where Esmin Green was murdered-by-neglect. She now lives in Albany, NY with her service dog-in-training and cat. For more info: www.TheOpalProject.org and www.etrash.tv
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