CEO

Summary Box: Pfizer triples pay for new CEO Read

AP News
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Posted: Mar 15, 2012 6:31 PM
Summary Box: Pfizer triples pay for new CEO Read

BIG BUMP: Pfizer CEO Ian Read saw compensation nearly triple to $18 million in 2011, his first full year heading the drugmaker. That includes $1.7 million in salary and stock and option awards of $12.5 million.

SOME PROGRESS: Read has cut costs, restructured Pfizer's massive research operation, gotten some new drugs approved and slowed the decline in revenue since cholesterol blockbuster Lipitor got generic competition.

INVESTOR ISSUES: Shareholders at the annual meeting on April 26 vote on several proposals to allow votes between meetings and give them a say on board members' pay.