Summary
Pfizer Inc. has announced a significant leadership change with the appointment of David M. Denton as its new Chief Financial Officer (CFO) and Executive Vice President, effective May 2, 2022. Mr. Denton brings a wealth of experience to Pfizer, having previously served as CFO for Lowe's Companies, Inc. and CVS Health, with over 25 years in finance and operations, including extensive experience in the healthcare sector. This appointment follows the previously announced departure of Frank D’Amelio, who will transition from his CFO role after a nearly 15-year tenure and will remain as a special advisor to ensure a smooth handover of responsibilities. The appointment of Mr. Denton is accompanied by a comprehensive compensation package designed to attract and retain top talent. This includes a base salary of $1,250,000 and a target annual cash incentive of $1,250,000. To compensate for potential forfeited benefits from his previous role, Pfizer will provide a one-time cash payment of $5,000,000, an equity grant of restricted stock units (RSUs) valued at $3,250,000, and a credit of $9,750,000 to the Pfizer Supplemental Savings Plan. These arrangements are structured with vesting conditions and clawback provisions to align with Pfizer's interests.
Key Highlights
- 1Pfizer appoints David M. Denton as Chief Financial Officer (CFO) and Executive Vice President, effective May 2, 2022.
- 2Mr. Denton possesses extensive financial and operational expertise, with prior CFO roles at Lowe's Companies, Inc. and CVS Health.
- 3This appointment follows the previously announced departure of CFO Frank D’Amelio, who will transition and serve as a special advisor.
- 4Mr. Denton's compensation package includes an annual base salary of $1,250,000 and a target annual cash incentive of $1,250,000.
- 5A one-time cash payment of $5,000,000 is provided to Mr. Denton, subject to a clawback provision if he voluntarily resigns within one year.
- 6Mr. Denton will receive an equity grant of RSUs valued at $3,250,000, vesting over two years.
- 7A credit of $9,750,000 will be made to the Pfizer Supplemental Savings Plan, with staggered vesting.