Ian Read's pay packet cut from $27.9m to $19.5m
Pfizer previosuly boosted CEO Ian Read’s total pay packet from a sum of $17.3 million in 2016 to a total of $27.9 million the following year, as part of an effort to ensure the Scottish-born pharma chief stayed on the job, according to Bloomberg.
The 61% pay rise came as Pfizer sought to offer the now 66 year old CEO a “compelling incentive” to stay with the US firm. As part of the deal, Read was obliged to stay with Pfizer through to March 2019 while agreeing not to work with competitors for a minimum of two years.
The pay cut comes as Read named veteran insider Albert Bourla as his successor. Greek vetinarian Bourla, 56, has worked for Pfizer for 25 years.
The reduced pay packet places Read in third place among pharma CEOs after AbbVie’s Richard Gonzalez ($21.3 million) and J&J’s Alex Gorsky ($20 million).