Pfizer Inc. said it set the annual base salary and target bonus of Chief Executive Officer Ian Read at $4.29 million, with additional payments in stock, options and long-term incentive awards to be disclosed in March.
Read, named CEO on Dec. 5, was previously head of Pfizer’s global pharmaceutical operations responsible for 85 percent of company revenue. He will see a base salary increase of 40 percent, to $1.7 million from $1.21 million, the company said in a filing. His bonus target more than doubled to $2.59 million, from $1.16 million.
Read’s compensation figures don’t include stock, options and long-term incentive pay, which will be disclosed in the next proxy statement, typically filed in March, said Joan Campion, a spokeswoman for New York-based Pfizer. Read, a 32-year veteran of the company, received compensation valued at $9.45 million in 2009, the most recent year for which total awards have been included in regulatory filings.
Over the next five years, Pfizer faces generic competition to products with $20 billion in annual sales, or almost a third of the company’s revenue. Pfizer is eliminating jobs and reducing costs as it absorbs the $68 billion acquisition of Wyeth last year. Pfizer’s former CEO, Jeffrey Kindler, will receive about $9.6 million in severance, bonus and short-term incentive pay for 2010.