TRENTON - Key Wyeth executives will get multimillion-dollar cash payouts related to the pharmaceutical company's pending acquisition by Pfizer Inc., according to a regulatory filing yesterday.
The payouts total $22 million and include $10.25 million for chief executive officer Bernard Poussot, according to Wyeth's annual report filed with the Securities and Exchange Commission.
The Madison, N.J., company has about 5,000 employees at facilities in Collegeville and Malvern.
Normally, Wyeth gives top executives annual grants of restricted stock and stock options each spring, but because of the planned acquisition by drug giant Pfizer, announced Jan. 26, the awards are being given in cash. The payouts were set Wednesday by Wyeth's compensation and benefits committee.
Also, chief financial officer Gregory Nordon is to receive $3.04 million, and Joseph M. Mahady, senior vice president and the head of Wyeth Pharmaceuticals, is to get $3.62 million. General counsel Lawrence V. Stein is to receive $2.11 million and Mikael Dolsten, president of Wyeth Research, is to get $3 million.
Those amounts will become totally vested, or available, either three years from the grant date, which was set as March 5, or, once the acquisition is completed, immediately after the executive is dismissed without cause or resigns "for good reason."