(Reuters) – Pfizer Inc (NYSE) announced Tuesday that David Denton has been appointed as the chief financial officer. He will receive $1.25million in base salary annually.

The company stated that Denton will receive a similar cash incentive as an annual target cash opportunity. However, this amount would be adjusted for any time worked.

Denton will also receive a $5 million one-time payment and restricted stock of $3.25million. He will also be eligible to credit up to $9.75million through Pfizer’s Supplemental Savings Plan.

Denton joins Pfizer as the successor of Frank D’Amelio (NYSE:). Cos Inc.

Denton’s 2018 offer letter to Lowe’s stated that his base salary was $925,000 with an opportunity for a bonus of 125%.