Summary
Pfizer Inc. announced a change to its Board of Directors, appointing Joseph J. Echevarria as a new member, effective immediately on June 25, 2015. Mr. Echevarria, formerly the Chief Executive Officer of Deloitte LLP, brings a wealth of experience to the board and has also been appointed to serve on key committees, including the Audit Committee, the Regulatory and Compliance Committee, and the Science and Technology Committee. This appointment is accompanied by a standard indemnification agreement and compensation for non-employee directors. Additionally, the filing addresses related party transactions, noting that in 2014, Pfizer engaged Deloitte LLP for various services. The total fees paid to Deloitte were less than 0.3% of Deloitte's reported revenue for their fiscal year ending May 31, 2014, indicating a routine business relationship that does not appear to pose any conflicts of interest for Mr. Echevarria's board membership.
Key Highlights
- 1Pfizer Inc. appointed Joseph J. Echevarria to its Board of Directors, effective June 25, 2015.
- 2Mr. Echevarria is the former Chief Executive Officer of Deloitte LLP.
- 3He has been appointed to the Audit Committee, Regulatory and Compliance Committee, and Science and Technology Committee.
- 4Mr. Echevarria will receive standard compensation for non-employee directors and an indemnification agreement.
- 5The filing discloses a related party transaction with Deloitte LLP for services rendered in 2014.
- 6Fees paid to Deloitte in 2014 represented less than 0.3% of Deloitte's annual revenue.
- 7A press release dated June 25, 2015, announcing Mr. Echevarria's election, is included as an exhibit.