Research chief John LaMattina left Pfizer last year, after the failure of the cholesterol drug torcetrapib left the company’s pipeline of experimental drugs looking pretty thin. But LaMattina did all right for himself: His exit package was worth $22.6 million.
That included not only the $13.5 million he accrued in Pfizer’s retirement plans, but also a $3.3 million severance and a $5.3 million “pension enhancement,” according to the company’s proxy filed today.
Vice Chairman David Shedlarz, for years the company’s CFO, also left last year. He didn’t get the severance package or the pension enhancement, but he also did fine: His exit package was worth $34.2 million, most of which was in the company’s retirement plans.
With the company’s stock continuing to lag, the 2007 compensation packages for Pfizer’s top brass doesn’t look like much stacked up against those big payouts. CEO Jeff Kindler’s package was worth $9.5 million, down from $9.8 million in 2006.
