The retirement package for the Canadian-born former head of the U.S.-based pharmaceutical company Pfizer Inc. could give new meaning to the expression "set for life."

The company confirmed Thursday that Henry McKinnell will get every cent of a $180-million US retirement package.

Then Pfizer CEO Henry McKinnell, shown speaking at the World Economic Forum on East Asia in Tokyo in June, is getting a $180-million retirement package. Then Pfizer CEO Henry McKinnell, shown speaking at the World Economic Forum on East Asia in Tokyo in June, is getting a $180-million retirement package.
(TORU YAMANAKA/AFP/Getty Images)

The former CEO's package includes $82.3 million in pension benefits, including $6.6 million a year until he dies, $77.9 million in deferred compensation and more than $20.7 million in cash and stock.

Born in Victoria and a graduate of the University of British Columbia, McKinnell, 63, joined Pfizer in 1971 and worked his way up through the company, which has its headquarters in New York City.

Reports said McKinnell was replaced in July by another CEO, and held the title of chairman until earlier this week.

He left the CEO position more than 18 months before he was scheduled to step down. He departed under heat from investors over his retirement package and Pfizer's weak stock price during his time in charge.

The company said in a filing with the U.S. Securities and Exchange Commission that it was contractually obligated under its contract with McKinnell to pay him the money.

The package includes:

  • Lump-sum severance of $11.9 million US.
  • Stock grants worth $5.8 million US.
  • $2.2 million US for 2005 bonus payments.
  • $305,644 US for unused vacation time.
  • $576,573 US for benefits he would have received had he stayed at the company.

Pfizer has said it will cut $4 billion US in costs by 2008. The company recently cancelled a new cholesterol drug due to safety concerns after spending $800 million US on its development.

With files from the Associated Press