Details of Essner’s Employment Agreement

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Here are some of the nuggets that Wyeth just filed with the Securities and Exchange Commission:

The board reached a deal on Jan. 25, which was yesterday, in order to “facilitate a smooth transition of leadership,” although no one has said anything about a succession timeline.

His base salary, as Wyeth has already disclosed, is $1.66 million and for five years after his employment, Essner must provide “reasonable assistance” with regulatory and litigation matters about which he may have had any “particular knowledge.

Until his death or a five-year period after employment, Wyeth will provide Essner with home and personal security; an office and secretary; up to 75 hours annually of personal use of the company jet; and access to a company-provided car and driver for ”occasional” personal use.

The deal was struck with Wyeth’s compensation committee, which is headed by Ivan Seidenberg, Verizon’s ceo.

[tags]Bob Essner, Executive Pay, Wyeth[/tags]

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