Pfizer cuts severance payments to executives amid criticism
Global drug titan Pfizer has cut its listed severance payouts to executives in the wake of public criticism amid the worldwide economic crisis. Whereas senior management were previously entitled to 2.99 times their annual base pay, plus either their target bonus for the current year, or their actual one for the previous one, under the new scheme, executives will only be eligible for between one and two times their annual pay, plus incentives, in the year of termination.
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