Pfizer - Jeff Kindler is cheap!

In comparison to Hank that is!

Or, to put it the way the Pfizer drug reps are trained to say: "Our medicines are inexpensive, our competitor's are cheap!"

Pfizer newly appointed CEO Jeffrey B. Kindler will earn $1.35 million a year in base pay, a 42 percent raise over his salary as the company's general counsel, according to financial documents filed Thursday.

Kindler, who was appointed CEO last week after four years as the company's top lawyer, earned a total of $1.9 million in salary and bonus last year, according to Pfizer's proxy statement.

As CEO he will be eligible to earn a bonus equal to 150 percent of his salary, up from 65 percent of his salary as general counsel.

Kindler replaced Henry McKinnell, who earned $5.97 million in salary and bonus last year. McKinnell remains chairman and is expected to leave that post next February. McKinnell had been slated to remain at Pfizer's helm until February 2008.

In Thursday's filing, Pfizer said it is currently negotiating the definitive terms of McKinnell's departure.

McKinnell's employment contract allows him a lump sum payment of $83 million when he retires. That deal became a lightning rod in the debate over executive compensation. He also has the option of receiving $6.5 million annually until his death.

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