Can there be such a thing as too much information? Former Pfizer Inc CEO Henry “Hank” McKinnell would probably say yes. In the past, Pfizer usually devoted about 10 pages in its annual proxy statement to the compensation of its top executives. But in its most recent statement, released in February, the New York-based drug giant included a 23-page report about its officers’ pay packages. One detail that had never been stated so clearly before: McKinnell had an $83 million retirement plan.
Shareholders outraged by the revelation staged a withhold-the-vote campaign to unseat two members of the compensation committee. While the attempt failed, it did get 22 percent of the shares voted. At first McKinnell vowed to stay, but under continuing pressure he finally agreed to step down in July.
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