Skip to NavigationSkip to content

Pfizer CEO Ian Read's pay packet cut from $27.9m to $19.5m

Published on 15/03/19 at 09:55am

Ian Read has seen his total compensation cut from a sum of $27.9 million in 2018 to $19.5 million this year.

Pfizer previously boosted CEO Ian Read’s total pay packet from a sum of $17.3 million in 2016 to a total of $27.9 million the following year, as part of an effort to ensure the Scottish-born pharma chief stayed on the job, according to Bloomberg.

The 61% pay rise came as Pfizer sought to offer the now 66 year old CEO a “compelling incentive” to stay with the US firm. As part of the deal, Read was obliged to stay with Pfizer through to March 2019 while agreeing not to work with competitors for a minimum of two years.

 The pay cut comes as Read named veteran insider Albert Bourla as his successor. Greek vetinarian Bourla, 56, has worked for Pfizer for 25 years.

The reduced pay packet places Read in third place among pharma CEOs after AbbVie’s Richard Gonzalez ($21.3 million) and J&J’s Alex Gorsky ($20 million).

Louis Goss

Mission Statement
Pharmafile.com is a leading portal for the pharmaceutical industry, providing industry professionals with pharma news, pharma events, pharma service company listings and pharma jobs,
Site content is produced by our editorial team exclusively for Pharmafile.com and our industry newspaper Pharmafocus. Service company profiles and listings are taken from our pharmaceutical industry directory, Pharmafile, and presented in a unique Find and Compare format to ensure the most relevant matches