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Pfizer CEO Ian Read's 2014 Compensation Rises 23% To $23.3 Mln

Pharmaceutical giant Pfizer, Inc. (PFE) revealed in a regulatory filing on Thursday that Chairman and Chief Executive Officer Ian Read received a 2014 total compensation that grew 23 percent from 2013, reflecting strong increase in pension accrual, and a slight increase in salary.

The New York-based world's largest drugmaker revealed this in an annual preliminary proxy statement filed with the U.S. Securities and Exchange Commission on Thursday.

Read, who has led Pfizer for more than four years since December 2010, received a total compensation of $23.28 million, including base salary, incentives and other compensation in 2014, compared to the $18.95 million he received in 2013, and the $25.63 million he got in 2012.

The total compensation received by Read in 2014 includes $1.82 million as salary, annual incentive award of $3.0 million, equity awards of $6.45 million, option awards of $6.36 million, pension accrual of $5.27 million, and all other compensations totaling 0.39 million.

Meanwhile, the company added that Read does not receive any compensation for his service as a Director or as Chairman.

The compensation committee approved Read's annual incentive award of $3.0 million to reflect his outstanding performance and leadership and Pfizer's overall performance relative to its business goals.

Read's salary was up compared to $1.78 million in 2013 and $1.74 million in 2012. Pension accrual was sharply higher than the $1.21 million in 2013 as well as stock awards and options were slightly higher. However, the annual incentive, and all other compensations were slightly lower than in 2013.

In February 2015, the committee approved 2015 base salary of $1.87 million, effective April 1, 2015.

Read has 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. Previously, he served as Senior Vice President and Group President of the Worldwide Biopharmaceutical Businesses, which he led from 2006 through December 2010.

Read began his career with Pfizer in 1978 as an operational auditor. He worked in Latin America through 1995, holding positions including CFO of Pfizer Mexico, and country manager of Pfizer Brazil.

Meanwhile, the filing also shows a 19 percent increase in total 2014 compensation for Chief Financial Officer Frank D'Amelio to $8.48 million from 2013's $7.12 million.

PFE closed Thursday's regular trading session at $34.00, up $0.37 or 1.10% on a volume of 28.18 million shares.

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