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Politics : Mainstream Politics and Economics -- Ignore unavailable to you. Want to Upgrade?

To: i-node who wrote (49988)	8/1/2013 10:46:31 PM
From: Broken_Clock	Read Replies (1) \| Respond to of 85487

To this day, McKinnell’s tenure is hard to forget, in particular if you are a Pfizer shareholder. In 2001, when McKinnell took over as CEO, Pfizer’s stock was trading at about $45 a share; when his tenure ended five years later, Pfizer’s stock was floundering at under $36 a share. On McKinnell’s watch, the value of the company declined by $137 billion. However, McKinnell did not suffer for his reign of error at Pfizer. On the contrary; as he walked out the door at the end of 2006, having presided over a loss of 40 percent in the value of the company, McKinnell still had quite a wad of cash to stuff in his pocket: $12 million in severance pay; a bonus of $2.15 million; and a hunk of stocks that had vested, worth $5.8 million. In addition, he also received a $78 million payout for deferred compensation, along with about $18.3 million in “performance-based shares.” And as if that wasn’t enough, McKinnell will be cashing an annual pension check of $6.65 million—for the rest of his life. [emphasis added here] alternet.org The “Free Market” Takes Its Pound Of Flesh, But Never From