Pfizer, the world’s biggest drug maker, is significantly reducing the value of the severance packages for top managers in a nod to public pressure to reduce executive pay. The new executive severance plan took effect Monday, according to a filing with the Securities and Exchange Commission.
Pfizer’s new plan would provide top officers terminated without cause with benefits including a severance payment equaling one to two times the total of their annual base salary and target bonus. That still amounts to at least a few million dollars for some officers and nearly $10 million for the chief executive, Jeffrey B. Kindler.
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