Summary
Pfizer Inc. announced significant executive changes via an 8-K filing on May 23, 2007. The report details the upcoming retirement of Dr. John L. LaMattina, Senior Vice President and President of Pfizer Research and Development, and the resignation of Mr. Alan G. Levin, Senior Vice President and Chief Financial Officer. Both executives are expected to transition out of their roles by December 31, 2007, upon the appointment of their successors. These departures mark the end of long tenures for both individuals, with Dr. LaMattina having served over 30 years and Mr. Levin over 20 years. Investors should note the significant cash severance packages associated with these transitions, amounting to $3.3 million for Dr. LaMattina and $2.0 million for Mr. Levin, in addition to other benefits and potential payments outlined in the company's proxy statement. The agreements also include non-competition and cooperation covenants.
Key Highlights
- 1Dr. John L. LaMattina, SVP and President of R&D, will retire.
- 2Mr. Alan G. Levin, SVP and CFO, will resign.
- 3Departures are expected by December 31, 2007, following the appointment of successors.
- 4Dr. LaMattina to receive approximately $3.3 million in cash severance.
- 5Mr. Levin to receive approximately $2.0 million in cash severance.
- 6Severance packages are in addition to other benefits and payments described in the proxy statement.
- 7Both executives are expected to agree to non-competition and cooperation covenants.