Who is Dr. Corey S. Goodman and what was his role at Pfizer?

Dr. Corey S. Goodman was the Senior Vice President and President of Pfizer's Biotherapeutics and Bioinnovation Center. He was also considered a named executive officer for the fiscal year ending December 31, 2008.

What are the financial implications of Dr. Goodman's departure for Pfizer?

For Pfizer, the primary financial implication is the company's decision to waive Dr. Goodman's obligation to repay $1.7 million in replacement cash compensation. This means Pfizer will not recover these funds from Dr. Goodman. However, the company will not incur additional severance or termination costs related to his departure.

Will Dr. Goodman receive any payout or severance from Pfizer?

No, according to the filing, Dr. Goodman will not receive any severance or termination payments from Pfizer in connection with his resignation.

What is the significance of the $1.7 million waiver?

The $1.7 million represents replacement cash compensation that Dr. Goodman received when he joined Pfizer on October 4, 2007. Typically, such compensation might have repayment clauses tied to continued employment. By waiving this repayment, Pfizer is effectively allowing Dr. Goodman to retain this amount despite his departure.

PFE 8-K: Leadership Changes

Summary

Pfizer Inc. (PFE) filed an 8-K report on April 27, 2009, primarily disclosing the departure of a key executive, Dr. Corey S. Goodman, Senior Vice President and President of Biotherapeutics and Bioinnovation Center. Dr. Goodman's resignation is effective May 31, 2009. This filing is significant as it details the terms of his separation, which include the company waiving his obligation to repay $1.7 million in replacement cash compensation received upon his hiring. Notably, Dr. Goodman will not receive any additional severance or termination payments.

Key Highlights

1Dr. Corey S. Goodman, a Named Executive Officer and SVP, resigned from Pfizer.
2Dr. Goodman's resignation is effective May 31, 2009.
3Pfizer will waive Dr. Goodman's obligation to repay $1.7 million in replacement cash compensation.
4Dr. Goodman will not receive any severance or termination payments.
5The separation terms are detailed in a Separation and Settlement Agreement dated April 25, 2009.
6This filing was made on April 27, 2009, reporting an event date of April 24, 2009.

PFIZER INC 8-K Report, Executive Changes (Apr 27, 2009)

Summary

Key Highlights

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