Jeff Kindler
Encyclopedia
Background
Jeffrey Kindler graduated summa cum laude from Tufts UniversityTufts University
Tufts University is a private research university located in Medford/Somerville, near Boston, Massachusetts. It is organized into ten schools, including two undergraduate programs and eight graduate divisions, on four campuses in Massachusetts and on the eastern border of France...
in 1977 and magna cum laude from Harvard Law School
Harvard Law School
Harvard Law School is one of the professional graduate schools of Harvard University. Located in Cambridge, Massachusetts, it is the oldest continually-operating law school in the United States and is home to the largest academic law library in the world. The school is routinely ranked by the U.S...
in 1980. He subsequently clerked for Supreme Court Justice William J. Brennan Jr. and worked at the law firm Williams & Connolly
Williams & Connolly
Williams & Connolly LLP is a prominent litigation firm based in Washington, D.C. The firm was founded by trial lawyer Edward Bennett Williams, who left the partnership of D.C. firm Hogan & Hartson to launch his own litigation boutique....
in Washington, D.C. He then moved to the corporate sector with a period as Vice President and Senior Counselor for General Electric Co. and later as Executive Vice President of Corporate Relations and General Counsel for McDonald's
McDonald's
McDonald's Corporation is the world's largest chain of hamburger fast food restaurants, serving around 64 million customers daily in 119 countries. Headquartered in the United States, the company began in 1940 as a barbecue restaurant operated by the eponymous Richard and Maurice McDonald; in 1948...
. He rose to become President of Partner Brands (including Boston Market
Boston Market
Boston Market, known as Boston Chicken until 1995, headquartered in Golden, Colorado, is a chain of American fast casual restaurants. It is owned by private equity firm Sun Capital Partners, headquartered in Boca Raton, Florida.-History:...
and Chipotle Mexican Grill
Chipotle Mexican Grill
Chipotle Mexican Grill, Inc. is a chain of restaurants in the United States, United Kingdom, and Canada specializing in burritos and tacos, founded by Steve Ells in 1993 and based in Denver, Colorado...
) for McDonald's
McDonald's
McDonald's Corporation is the world's largest chain of hamburger fast food restaurants, serving around 64 million customers daily in 119 countries. Headquartered in the United States, the company began in 1940 as a barbecue restaurant operated by the eponymous Richard and Maurice McDonald; in 1948...
until 2002, when he moved to Pfizer
Pfizer
Pfizer, Inc. is an American multinational pharmaceutical corporation. The company is based in New York City, New York with its research headquarters in Groton, Connecticut, United States...
to serve as General Counsel. Kindler's role at Pfizer
Pfizer
Pfizer, Inc. is an American multinational pharmaceutical corporation. The company is based in New York City, New York with its research headquarters in Groton, Connecticut, United States...
quickly took on critical importance as the company faced a vast array of generic assaults on its patents, most notably on the $12 billion drug Lipitor, and the rising threat of counterfeit drugs.
Pfizer CEO
On February 24, 2005, along with Karen Katen and David Shedlarz, Kindler was named Vice Chairman of Pfizer's board, setting off a three-way competition to succeed then-CEO Hank McKinnell. Many expected Katen, a long-time veteran of the commercial team and head of Pfizer's Human Health Group, to succeed McKinnell over the top lawyer Kindler and the top financier Shedlarz.On July 28, 2006, Pfizer's board of directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
selected Kindler to succeed McKinnell as CEO immediately.
On December 18, 2006, Kindler was elected by Pfizer's board of directors to serve as Chairman. "Pfizer under Kindler was the leading spender on lobbying
Lobbying
Lobbying is the act of attempting to influence decisions made by officials in the government, most often legislators or members of regulatory agencies. Lobbying is done by various people or groups, from private-sector individuals or corporations, fellow legislators or government officials, or...
in an industry that spent the more on lobbying than any other. The company's $25 million lobby budget in 2009 shattered industry records. But during the health care reform debate
Health care reform in the United States
Health care reform in the United States has a long history, of which the most recent results were two federal statutes enacted in 2010: the Patient Protection and Affordable Care Act , signed March 23, 2010, and the Health Care and Education Reconciliation Act of 2010 , which amended the PPACA and...
that year, Kindler wasn't just deploying revolving-door hired hands to K Street - he was working the halls of power himself." "Kindler was at the first Obama
Barack Obama
Barack Hussein Obama II is the 44th and current President of the United States. He is the first African American to hold the office. Obama previously served as a United States Senator from Illinois, from January 2005 until he resigned following his victory in the 2008 presidential election.Born in...
White House meeting with the drug industry on March 5, 2009. He also took part in the June and July 2009 meetings at the White House where Obama agreed to drop his campaign promise to allow re-importation of prescription drugs . . . in exchange for the drug industry's support of the bill and vulnerable Senate Democrats who backed it."
Kindler resigned in December, 2010 after Pfizer stock lost 35% of its value under Kindler and underperformed 97% of all S&P Stocks. Kindler reaped millions while losing millions of dollars for Pfizer's investors over 4 1/2 years. Three weeks later, Kindler resigned from the board of New York's Federal Reserve Bank stating he no longer fills the Fed's need for "current, high level information about the business environment."
In 2011, Fortune
Fortune (magazine)
Fortune is a global business magazine published by Time Inc. Founded by Henry Luce in 1930, the publishing business, consisting of Time, Life, Fortune, and Sports Illustrated, grew to become Time Warner. In turn, AOL grew as it acquired Time Warner in 2000 when Time Warner was the world's largest...
magazine wrote a scathing article detailing Kindler's leadership of Pfizer.
Compensation
While CEO of Pfizer in 2008, Jeffrey B. Kindler earned a total compensation of $14,788,302, which included a base salarySalary
A salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wages, where each job, hour or other unit is paid separately, rather than on a periodic basis....
of $1,575,000, a cash
Cash
In common language cash refers to money in the physical form of currency, such as banknotes and coins.In bookkeeping and finance, cash refers to current assets comprising currency or currency equivalents that can be accessed immediately or near-immediately...
bonus of $3,000,000, stock
Stock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
s granted of $7,553,015, and option
Option (finance)
In finance, an option is a derivative financial instrument that specifies a contract between two parties for a future transaction on an asset at a reference price. The buyer of the option gains the right, but not the obligation, to engage in that transaction, while the seller incurs the...
s granted of $2,222,026.
"Justifying Kindler's 12.5 percent salary increase to $1.8 million, the Pfizer's proxy report stated:
During 2009, Mr. Kindler was actively involved, through both Pfizer and external organizations, in developing and advancing U.S. and global public policies that serve the overall interests of our Company and our shareholders. These efforts included constructive participation in the U.S. legislative process to advance Pfizer's goals of achieving a more rational operating environment; improving Americans' access to quality, affordable health care."
Political activities
Kindler donated $5,000 to Barack ObamaBarack Obama
Barack Hussein Obama II is the 44th and current President of the United States. He is the first African American to hold the office. Obama previously served as a United States Senator from Illinois, from January 2005 until he resigned following his victory in the 2008 presidential election.Born in...
in the 2008 presidential election
United States presidential election, 2008
The United States presidential election of 2008 was the 56th quadrennial presidential election. It was held on November 4, 2008. Democrat Barack Obama, then the junior United States Senator from Illinois, defeated Republican John McCain, the senior U.S. Senator from Arizona. Obama received 365...
.