The former marketing executive, who was one of two losers in the three-way race last year to succeed Hank McKinnell, is getting a package worthy of any long-suffering ceo.

The Pfizer proxy lists, among other things, a lump-sum pension payment of $40.7 million, severance of $5.5 million, retirement savings and deferred stock valued at $21.8 million and unused vacation time worth more than $178,000. As an aside, the proxy reveals she also racked up nearly $103,000 worth of time on the corporate jet and another $43,000 on a car and driver. Why she couldn’t take cabs to and from 42nd Street more often isn’t clear.

Of course, this is a mere down payment on a second home compared with the $198 million Hank was given when Pfizer’s board finally shoved him out the door several months ago. Investors, however, can’t be pleased. All that money being sucked out of Pfizer’s treasury could be put to better use lobbying Congress, buying doctors lunch, or even researching new drugs.

Here’s the proxy. [tags]Executive Pay, Hank McKinnell, Karen Katen, Pfizer[/tags]