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ap

Pfizer giving 2 execs bonuses after Wyeth deal

Pfizer said its CFO will get a $1.2M cash and stock bonus and biopharma leader will get $1M

  • On 4:45 pm EDT, Wednesday October 28, 2009

NEW YORK (AP) -- Pfizer Inc. said Wednesday it awarded bonuses of $1 million or more to two executives after completing its $68 billion purchase of former rival Wyeth.

The New York drugmaker said the awards were for their performance and leadership in completing the deal. Pfizer Chief Financial Officer Frank D'Amelio will get $1.2 million in cash and stock, and Ian Read, the leader of Pfizer's biopharmaceutical business, will get $1 million.

Half of the awards were paid in cash on Monday. The other half will be made up of equal amounts of restricted stock, and units based on fair value of Pfizer shares. Those portions of the award will be given on Friday, the company said.

Pfizer closed its acquisition of Wyeth on Oct. 15.

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