Pfizer Rewards Executives For Closing Wyeth Acquisition

Pfizer Inc. (PFE) rewarded two top executives for helping to pull off the drug maker's $68 billion acquisition of Wyeth earlier this month.

Pfizer's board on Oct. 22 approved special cash and equity awards to Chief Financial Officer Frank D'Amelio and Senior Vice President Ian Read, who heads Pfizer's biopharmaceutical unit, "to recognize their performance and leadership in connection with the successful completion of the acquisition of Wyeth" on Oct. 15, Pfizer disclosed in a regulatory filing Wednesday.

D'Amelio's award is valued at $1.2 million, while Read's is valued at $1 million. Half of each executive's award was paid in cash on Oct. 26, and the other half will be paid Oct. 30 in the form of two different kinds of "units" derived from the value of Pfizer shares.

The cash portion is subject to repayment by each executive if his employment is terminated for cause or he voluntarily terminates employment prior to Oct. 30, 2010.

The stock-unit portion is based on the fair market value of Pfizer shares on Oct. 30 and is convertible into Pfizer shares at later dates.

Shares of New York-based Pfizer fell 9 cents to $17.217 in recent trading.

-By Peter Loftus, Dow Jones Newswires; 215-656-8289; [e-mail]