Pharmaceutical giant Pfizer, Inc. (PFE) revealed in a proxy filing on Thursday that total fiscal 2011 compensation for its Chairman and Chief Executive Officer Ian Read surged 44 percent due to his turnaround efforts, reflecting strong increase in salary, annual cash incentive and stock grants.
According to the New York-based world's largest drugmaker, "2011 was a year marked by ongoing change throughout Pfizer brought about by a difficult market environment, increased pricing pressures and the loss of exclusivity of Lipitor."
However, under the leadership of Read, the company has undergone a restructuring to set a course to redefine and strengthen Pfizer to refocus as an innovative biopharmaceutical company.
Read oversaw the steady progress in Pfizer's late stage pipeline with over five approvals in the U.S. and E.U., and the advancement of about 30 programs in early- and mid-stage (Phase I and II) pipeline. The company also continued to invest in its R&D network and in the capabilities designed to drive biomedical innovation.
Effective January 2011, Read's base salary was set at $1.7 million, annual incentive target at $2.6 million, and long-term target was at $10.0 million.
The company added that Read does not receive any compensation for his service as a director or as chairman. Read served as president and CEO from December 2010, after the surprise resignation of Jeff Kindler, until his election as chairman and CEO in December 2011.
For fiscal 2012, the company's compensation committee has in February increased Read' base salary marginally to $1.75 million, and advanced his annual cash incentive target to 150 percent of base salary.
The company noted that Read's total compensation for fiscal 2011 was $25 million, up 44 percent from the $17.4 million he received in fiscal 2010.
Read's fiscal 2011 compensation included salary of $1.7 million, stock awards of $5.68 million, option awards of $6.92 million, annual incentive of $3.5 million, deferred compensation of $6.89 million, and all other compensation of $0.32 million.
Meanwhile, his fiscal 2010 compensation included salary of $1.2 million, stock awards of $2.67 million, option awards of $0.84 million, annual incentive of $1.5 million, deferred compensation of $10.98 million, and all other compensation of $0.21 million.
PFE closed Thursday's regular trading session at $21.91, down $0.02 or 0.09% on a volume of 30.91 million shares.
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