Yahoo headline - "Wyeth giving top execs $22M due to Pfizer deal"

[NRaleighLiberal]

TRENTON, N.J. (AP) -- Top Wyeth executives will get multimillion-dollar cash payouts related to the pharmaceutical company's pending acquisition by Pfizer Inc., according to a regulatory filing on Friday.

The payouts, totaling about $22 million, run as high as $10.25 million for Chief Executive Officer Bernard Poussot, according to Wyeth's annual report filed with the U.S. Securities and Exchange Commission. The filing also notes Wyeth faces lawsuits aiming to block the Pfizer deal.

more at the link - http://finance.yahoo.com/news/Wyeth-giving-top-execs-22M-apf-14495139.html;_ylt=AsLpVpW5McvlSJzI2AFMoH.7YWsA

You just have to bleed for these drug companies. Things are so tough....

[Locrian]

1. you know....

Its gotten to the point that it's just blatant rip off by the CEOs. For gods sake, the SHAREHOLDERS should be the first in line with pitchforks for taking their money.

[Raineyb]

2. I used to work for Pfizer

They closed the plan where I worked at the end of last year. It was part of their "adapting to scale" program. (Yes a euphemism for lay-offs and plant closures.) The story was that they had too much manufacturing capacity and needed to cut back. Imagine my surprise (not) when they turned around and bought Wyeth.

Of course, more people will end up out on the street due to this merger because I can guarantee that Pfizer is not the least bit interested in the people in that company. It is strictly the product line that they have their eye on. If purchasing Wyeth's pipeline doesn't work they'll be looking for yet another company to buy out and the cycle will continue.

Regards

[NRaleighLiberal]

3. Well, I used to work for a behemoth myself - 25 years in GSK -

and as of last year, I was told to hit the road (with many, many others). So the headline and the amounts are not news to me....(of course, I was never the recipient of such amounts either)...

Big Pharma sure ain't what it used to be (was it ever, though???)

[Raineyb]

4. Funny how that works huh?

I didn't receive anything near that amount when they kicked me to the curb last year either.

Although, they did pay off the previous CEO 87 million dollars to go away as the stock price never recovered from the split and further declined under that CEO. (The name escapes me at the moment.)

(Not sure if it ever was what it used to be. I worked at that plant for 10 years and the perks seemed to only become fewer over the years. I keep hearing how good it is on my resume but it doesn't seem to overcome my lack of a college diploma. I decided to go back to school and try to find something to do during the day while I get my diploma but I refuse to go back school to do the same work I was doing before I got laid off. I won't go back to the field after I get my diploma for what I was doing it's not worth it. Being in quality on the production lines was a real pain in the behind. You tell production that something was going wrong and try to get them to fix it before it went bad to have production ignore you. Then when it did go bad they wondered why Quality didn't say something. :shrug:

At the rate things are going the only companies left will be Johnson and Johnson and Pfizer. I never find it to be a good thing to depend on fewer larger companies for things. I wonder if there will come a time when someone in the government says no at a merger. It would be a refreshing change of pace.

Regards

[VenusRising]

5. These ridiculous payout have to stop.

No one person needs to be paid that much. It's beyond irresponsible when millions are starving and some families are living in tent cities.