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CFO Martin to Part Ways with Wyeth

Joined the pharmaceutical giant in 1984 and has held the top finance job since 2000.
Stephen TaubApril 27, 2007

Wyeth has announced that chief financial officer and vice chairman Kenneth Martin will leave the company at the end of June “to pursue personal interests.” Martin joined Wyeth in 1984 and has been CFO since 2000.

The pharmaceutical giant — perhaps best known for over-the-counter products including Advil, Anbesol, Chapstick, and Robitussin — added that it expects to name a new finance chief before his departure.

“Ken Martin has played key roles at Wyeth for many years and has been an important contributor to our success,” chairman and chief executive officer Robert Essner said in a statement. (Take a closer look at some of the details in “What’s My Metric? Drug-Company CFOs.”)

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Last year Martin earned $10.7 million, including $5.3 million in stock and $1.8 million in stock options. He also realized about $2.1 million upon exercising previously awarded options.

Wyeth made the announcement the morning after its annual meeting, at which shareholders approved a nonbinding resolution calling on the company to recoup bonuses and other incentives awarded to top executives who failed to meet business-performance targets.

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