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Hard Times at Pfizer
When Pfizer vice chair Karen Katen got passed over in her bid to become chair of the giant drug maker, she prepared to bail out and will leave the company at the end of this month. The Wall Street Journal's Health Blog rummaged through an SEC proxy statement to add up her compensation package: "Katen's eligible for a pension accrued over a 32-year career that, if taken as a lump sum, would be worth about $40.7 million. Her 401(k) retirement savings plan and some deferred stock are worth another $21.8 million. Add in bonuses, previously disclosed severance of $5.5 million, some stock awards and the like and you come up with the balance of the $76.8 million." She will get an additional $178,000 for unused vacations.
Sounds like a lot, but as the Health Blog points out, Karen's pay out seems like small potatoes compared with former chair Henry "Hank" McKinnell, who got $200 million on his departure.
I would advise Karen Katen
I would advise Karen Katen to spend wisely the separation pay and other benefits received. We are in the present economic turmoil, money is hard to earned, wise spending is what we need to avoid incurring from so much loan. You have to make a financial plan to forecast some of your future spending. The key to financial planning or planning of any sort is to always have a backup plan in case your first idea doesn't work out. One of the first things to do is to make sure you come in under budget every month. Don't spend more than you earn. (This means you, Congress!) Try to put money away into savings, and don't add any more debt if you can help it – this means no credit cards. Use a payday loan if you have to. An alternative financial plan that acts as debt relief and puts more money in your pocket is ideal.
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karen
I am in love with you....please contact me asap so we can plan our "golden" years together.