From The WSJ Health Blog:
Pfizer cut its 2008 bonuses for execs and is freezing executives’ salaries this year, the company said this morning in its proxy statement. Here’s the key paragraph on the action by the board’s compensation committee:
The Committee, based on the recommendation of Mr. Kindler, determined that given macroeconomic conditions, the performance of Pfizer’s stock price and other factors, it would (a) freeze salaries for executive officers (other than in the case of promotions); (b) reduce 2008 bonuses for the executive officer group as compared to bonuses paid for 2007 to the comparable group of executive officers … and (c) reduce the 2009 long-term incentive target grant amounts by 10%.
Still, everything is relative. Kindler’s direct compensation for last year was valued at $13.1 million, down from about $13.8 million the year before, Dow Jones Newswires notes. His 2008 package included a salary of $1.58 million, a cash incentive bonus of $3 million, long-term stock-based awards valued at $8.3 million and perks worth about $228,000.
To see how the other top execs fared, check out the Direct Compensation Table in Pfizer’s proxy.
I’m still trying to figure out why any of these jokers, er, CEO’s are making more than 100,000/a year. It’s ridiculous and sad.