For their work on acquiring and planning to integrate Wyeth, Pfizer cfo and senior vp Frank D'Amelio (pictured left) and Ian Read, senior vp and group president of the biopharma biz (pictured below), were awarded big prizes. The board gave D'Amelio $1.2 milllion and Read gets $1 million, according toa filing with the Securities and Exchange Commission.
The awards have three components - half of the value was paid in cash on Oct. 26, 2009 and is subject to repayment if their employment is terminated for cause or either quits before Oct. 30, 2010. And 25 percent will be paid in the form of restricted stock units, or RSUs, to be granted on Oct. 30, 2009 based upon fair market value of Pfizer common stock on that date (further details are in the filing).
We don't doubt that D'Amelio and Read worked hard these past few months trying to figure out what to do with Wyeth. But this is a company that pledged to eliminate about 15 percent of their combined workforce, or nearly 20,000 jobs, to make the acquisition work. Yet the board doles out a couple of million to already well-paid execs - last year, both men pulled down salaries of $1.05 million, and that's not including bonuses or stock awards (see page 62 of the proxy).
The payouts send a questionable message at a time when so many people - including Pfizer and former Wyeth employees - are losing their jobs. But what do you think?
Should These Pfizer Execs Have Gotten These Bonuses?
- No (91%, 206 Votes)
- Yes (9%, 20 Votes)
Total Voters: 226