Pfizer CEO Pay Dropped 23% Last Year as Stock Awards Declinedby
CEO Ian Read had total compensation of $18 million in 2015
Board cited Hospira, Allergan deals among accomplishments
Pfizer Inc. Chief Executive Officer Ian Read’s total compensation fell 23 percent in 2015, the year in which he completed the acquisition of Hospira Inc. and agreed to buy Allergan Plc in a record $160 billion deal.
Read’s salary, bonus and incentive pay was about $18 million, compared with $23 million in 2014, according to a filing with the U.S. Securities and Exchange Commission. The decline was partly because of a decrease in stock awards to $2 million from just over $6 million. Read also received option awards, earnings from a deferred compensation plan, and $388,036 in other payments.
The CEO’s base salary rose to $1.86 million from $1.82 million the year before. His bonus increased to $4.3 million from $3 million, Pfizer said in the filing. That was more than the target of $2.69 million, and less than the maximum award of $5.38 million.
Read’s main accomplishments for the year include advancing product development, the successful completion of the Hospira purchase, and the pending Allergan transaction, according to the filing. Allergan awarded CEO Brent Saunders $21.6 million in compensation last year.