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news.Pfizer has agreed to give the recently retired chairman and CEO Jeffrey Kindler $16.5m plus an equity package whose final value has yet to be determined.
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In a regulatory filing Pfizer disclosed that Kindler will get an exit package that includes: $3.25m in cash bonus, a $1.8m cash ‘short-term incentive shift award,’ cash severance payment of $4.5m and a retirement benefit presently valued at about $6.9 m.
In addition, Kindler will retain a part of equity compensation previously granted.
Kindler’s restricted stock units that were issued in annual grants will vest pro rata as if he remained in the company’s employ through 26 February 2011.
All 1,996,000 of Kindler’s vested stock options, to the extent not exercised, will be forfeited three months after the effective date in accordance with their terms.
Kindler has forfeited 500,000 unvested stock options that were the subject of a special grant made in connection with his election as CEO in 2006.
Kindler will be entitled to the continuation of his medical and life insurance coverage for 12 months following the effective date at active employee rates.
The board has elected Ian Read, current head of the company’s Global Biopharmaceutical Operations, as president, CEO and director.