Pfizer is selling two of its corporate jets for $65 million, according to CityFile. This is a popular move among drug companies -- putting the private aircraft up for sale makes you look more frugal and less excessive in a recession. As you can see from this image of the inside of one of the jets -- it's a nice ride.
There's a difference between putting them up for sale and actually selling them, of course. It's not clear who in this environment would want to buy them. Nonetheless, Bristol-Myers Squibb did the same thing with its fleet. Like BMS's, Pfizer's jets have matching paint jobs. According to Fierce Pharma's reading of Pfizer's proxy statement, CEO Jeff Kindler cost the company the most through his use of them:
CEO Jeffrey Kindler's aircraft perks cost Pfizer $175,210 in 2008. Ian Read, the company's worldwide pharma president, got $129,850 worth of aircraft use, while CFO Frank D'Amelio's use only amounted to $70,505 and R&D chief Martin Mackay's was $40,834.Where do Pfizer execs go whern they use them? This gallery of photos shows them in various exotic locales -- Zurich! Helsinki! Geneva! And, er, the Costa Brava? Americans won't recognize that last one. It's not well-known as a center of finance or drugs, because it's a holiday resort in Spain. Your investor dollars at work!
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