Ian Read, the CEO of drug giant Pfizer Inc., has seen his compensation raised by 61 percent, according to finance filings reported by Bloomberg. This comes after the drug company hiked prices of dozens of drugs in 2017.
Pfizer’s board reportedly approved the pay raise for Read because they saw it as a “compelling inventive” to keep the CEO from retiring. Mind you, he’s turning 65 in May, so he can technically choose to go at any time. Part of the deal is that Read must stay on at least through next March and is barred from working with a competitor for a minimum of two years after that.
Per Bloomberg, Read’s compensation included in part a salary of $1.96 million, bonus of $2.6 million, $13.1 million in equity awards that are linked to financial goals and stock price, and $8 million in special equity award that will vest if the company’s stock return goes above 25 percent for 30 consecutive trading days before end of the year 2022. To compare, Read’s compensation was at $17.3 million in 2016.