Pfizer Rewards Executives For Closing Wyeth Acquisition
29 October 2009 - 6:59AM
Dow Jones News
Pfizer Inc. (PFE) rewarded two top executives for helping to
pull off the drug maker's $68 billion acquisition of Wyeth earlier
this month.
Pfizer's board on Oct. 22 approved special cash and equity
awards to Chief Financial Officer Frank D'Amelio and Senior Vice
President Ian Read, who heads Pfizer's biopharmaceutical unit, "to
recognize their performance and leadership in connection with the
successful completion of the acquisition of Wyeth" on Oct. 15,
Pfizer disclosed in a regulatory filing Wednesday.
D'Amelio's award is valued at $1.2 million, while Read's is
valued at $1 million. Half of each executive's award was paid in
cash on Oct. 26, and the other half will be paid Oct. 30 in the
form of two different kinds of "units" derived from the value of
Pfizer shares.
The cash portion is subject to repayment by each executive if
his employment is terminated for cause or he voluntarily terminates
employment prior to Oct. 30, 2010.
The stock-unit portion is based on the fair market value of
Pfizer shares on Oct. 30 and is convertible into Pfizer shares at
later dates.
Shares of New York-based Pfizer fell 9 cents to $17.217 in
recent trading.
-By Peter Loftus, Dow Jones Newswires; 215-656-8289;
peter.loftus@dowjones.com