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Henry McKinnellFormer CEO and former Chairman of the Board of Directors of the American corporation 'Pfizer Inc'
Date of Birth: 23.02.1943
Country:  USA |
Content:
- Biography of Henry McKinnell
- Career at Pfizer Inc
- Other Board Memberships
- Woodrow Wilson Award for Corporate Citizenship
- Controversies and Political Affiliations
- Resignation from Pfizer Inc
- Legacy at Pfizer Inc
- Compensation
Biography of Henry McKinnell
Early LifeHenry A. McKinnell Jr. was born on February 23, 1943, in Victoria, British Columbia, Canada. Initially, he intended to pursue a degree in chemistry but later switched to studying business management. He obtained a bachelor's degree in business management from the University of British Columbia in 1965. McKinnell then went on to earn master's and doctoral degrees in business administration and finance from the Stanford Business School.
Career at Pfizer Inc
Interestingly, McKinnell's first job was with Pfizer Inc, but he left for three years, from 1969 to 1971, to work at American Standard. However, in early 1971, he returned to Pfizer. Over the next 32 years, Henry McKinnell steadily climbed the corporate ladder, holding various positions within the company. In January 2001, he was appointed CEO and became Chairman of the Board in April 2001.
Other Board Memberships
In addition to his role at Pfizer, McKinnell also served on the boards of Exxon Mobil Corporation, the largest private oil company in the world, and Moody's, an international rating agency.
Woodrow Wilson Award for Corporate Citizenship
In 2003, McKinnell received the Woodrow Wilson Award for Corporate Citizenship, which recognizes leaders who have demonstrated a commitment to the common good and have made significant contributions to improving lives in local communities and worldwide, regardless of profit considerations.
Controversies and Political Affiliations
McKinnell was known as an aggressive advocate for trade sanctions against developing countries that engaged in disputes over patents and other intellectual property rights related to medications. In 2006, several respected Stanford alumni demanded his removal from the Stanford Business School Advisory Board due to his aggressive behavior during a legal case against the head of a Philippine regulatory agency.
According to documents filed with the Federal Elections Commission, Henry McKinnell consistently supported the Republican Party, providing significant financial support to candidates such as George W. Bush, John Thune, and Chuck Grassley.
Resignation from Pfizer Inc
On July 28, 2006, following a decline in the company's stock price and dissatisfaction from the board of directors and investors, McKinnell resigned from his position as CEO. He was replaced by Jeff Kindler on the same day, although McKinnell remained Chairman of the Board until February 2007. Currently, both positions are held by Ian Read.
Legacy at Pfizer Inc
During his tenure, Pfizer Inc had a relatively conservative approach to major mergers through securities transactions. However, this changed under McKinnell's leadership in 2001. Between 1999 and 2006, the company's stock price dropped from $50 to $30 per share, resulting in losses of $140 billion, considering seven billion shares outstanding. While part of the decline can be attributed to the overall stock market downturn in 1999-2001, many analysts criticized McKinnell for his actions in the securities market.
Compensation
In 2005, according to documents filed by Pfizer with the Securities and Exchange Commission, Henry McKinnell's salary amounted to $2,270,500, with a bonus of $3,700,000. He also received $145,814 in other compensations, primarily relating to taxes paid by Pfizer on behalf of employees, and nearly $5.5 million in long-term incentive payments.
