By Peter Loftus, Of DOW JONES NEWSWIRES
Pfizer Inc. (PFE) has lifted a salary freeze for top executives, granting a 12.5% salary increase to Chairman and Chief Executive Jeffrey Kindler.
In a regulatory filing Tuesday, Pfizer said a committee of its board of directors last month increased Kindler's salary to $1.8 million from $1.6 million, effective April 1.
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Last year Pfizer had frozen salaries for certain top executives and reduced bonuses due to the weak economy, the performance of Pfizer's stock price and other factors.
Meanwhile, in connection with the Wyeth deal and other cost-saving programs, Pfizer is in the process of reducing its work force by about 15%, including the elimination of 4,200 jobs between October and December 2009.
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For 2009, Kindler's total compensation dropped nearly 4% to $14.9 million. In addition to his salary, this included $5.5 million in stock awards, $2.6 million in option awards, a $3.5 million cash bonus, an increase in pension value and certain perquisites. The decrease in total compensation appeared to come largely from a decrease in stock awards.
In addition to Kindler's salary increase that takes effect in April, his annual incentive target award will increase to $2.7 million from $2.4 million. Also, the grant value of his annual long-term incentive award was increased to $ 12 million from $8.3 million.
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