Pfizer CEO's pay triples to $18M in first year

Pfizer Inc. logo. (PRNewsFoto/Pfizer Inc.)

(AP) NEW YORK - Drugmaker Pfizer Inc. (PFE) says it nearly tripled new CEO Ian Read's total compensation last year.

Read got a package worth just over $18 million, including salary of $1.7 million and stock and option awards totaling about $12.5 million.

He moved up to CEO from head of pharmaceutical operations in December 2010, when the board apparently forced out predecessor Jeffrey Kindler.

Read has since restructured Pfizer's huge research organization to improve productivity, and a couple of important drugs were approved last year.

The AP's calculation counts salary, bonuses, perks, stock and options awarded during the year.