**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**



CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
  SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 22, 2007

**PFIZER INC.**
  (Exact name of registrant as specified in its charter)

|**Delaware**                                                                                       | **1-3619**               | **13-5315170**                      
|-------------------------------------------------------------------------------------------------- | ------------------------ | ------------------------------------
|(State or other Jurisdiction of incorporation)                                                     | (Commission File Number) | (I.R.S. Employer Identification No.)
|**235 East 42nd Street 
          New York, New York**(Address of principal executive offices)**** |                          | **10017**
        (Zip Code)        

> Registrant's telephone number, including area code:(212) 573-2323 ****
>       (Former Name or Former Address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended
  to simultaneously satisfy the obligation of the registrant under any of the
  following provisions (see General Instruction A.2. below):

[ ] Written communication pursuant to Rule 425 under the Securities Act (17
  CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
  CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
  Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
  Act (17 CFR 240.13e-4(c))



|**Item 5.02**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Departure of Directors or Certain Officers; Election of
      Directors; Appointment of Certain Officers; Compensatory Arrangements of
      Certain Officers.
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------
|On August 7, 2007, the Board of Directors
        of Pfizer Inc. (the "Company") elected Frank A. D'Amelio Senior
        Vice President and Chief Financial Officer of the Company and appointed
        Mr. D'Amelio a member of the Company's Executive Leadership Team effective
        September 10, 2007 (the "Effective Date"), subject to the Company
        reaching appropriate agreement with Mr. D'Amelio regarding his acceptance
        of such positions. On August 22, 2007, Mr. D'Amelio agreed to accept such
        positions with the Company as of the Effective Date. A copy of the press
        release announcing the election and appointment of Mr. D'Amelio is attached
        hereto as Exhibit 99 and is incorporated herein by reference.
      Prior to joining the Company, Mr. D'Amelio,
        49, served as Chief Administrative Officer and Senior Executive Vice President
        Integration of Alcatel-Lucent since December 2006; Chief Operating Officer
        of Lucent Technologies from January 2006 through November 2006; and Executive
        Vice President, Administration, and Chief Financial Officer of Lucent
        Technologies from May 2001 until January 2006. Mr. D'Amelio began his
        career in 1979 at Bell Labs, where he held a variety of financial, accounting
        and general management positions. Mr. D'Amelio earned a bachelor's degree
        in Accounting from St. Peter's College and an MBA in Finance from St.
        John's University.
      There are no arrangements or understandings
        between Mr. D'Amelio and any other persons pursuant to which Mr. D'Amelio
        was selected as an officer. Neither Mr. D'Amelio nor any member of his
        immediate family has been since January 1, 2006 or is a party, directly
        or indirectly, to any transaction or currently proposed transaction required
        to be reported pursuant to Item 404(a) of Regulation S-K.
      Mr. D'Amelio offer of employment provides
        for the following compensatory arrangements:
      -    Sign-on payment: A one-time sign-on payment of
            $1,000,000 payable in March 2008, if Mr. D'Amelio is employed by the
            Company through the end of 2007.
            -    Salary: An initial annual base salary of $1,026,000.
            -    Bonus: A target bonus under the Company's annual
            incentive plan equal to 80% of his base salary, with his 2007 bonus
            being pro-rated for the period he is employed by the Company in 2007.
            -    Long-term incentive compensation: An executive
            long-term incentive compensation award with a target value of $3.5
            million, also pro-rated for the period he is employed by the Company
            in 2007. Half of the value of this award will be paid in the form
            of stock options, 25% in the form of restricted stock units (RSUs)
            and 25% in the form of performance shares.
      
      In addition, in order to replace certain
        compensation and benefits forfeited by Mr. D'Amelio due to his termination
        from Alcatel-Lucent, the Company will provide Mr. D'Amelio with the following:
      -     Replacement cash compensation: $2,700,000
            in additional cash compensation payable no later than thirty calendar
            days after the Effective Date. 
            -    Replacement equity compensation: (i) 233,600 RSUs
            ("Replacement RSUs"), one-third of which will vest on the
            last day of the month of each of the first three anniversaries of
            the Effective Date if Mr. D'Amelio is employed by the Company on each
            such vesting day, and (ii) 292,000 stock options, which will vest
            on the same schedule as the Replacement RSUs. If Mr. D'Amelio voluntarily
            terminates his employment without good reason (as defined in the severance
            agreement described below) after the last day of the month in which
            the first anniversary of the Effective Date occurs and prior to the
            second anniversary of the Effective Date, he will be required to pay
            to the Company an amount equal to the fair market value, determined
            on an after-tax basis, of the shares of Common Stock issued to him
            with respect to the Replacement RSUs that vested prior to such termination.
            -    Replacement pension benefit: An additional retirement
            benefit reflecting six years of additional pension service credit
            under the Company's Unfunded Supplemental Retirement Plan and Retirement
            Annuity Plan will be provided in accordance with the terms and conditions
            specified in the letter regarding Mr. D'Amelio's replacement pension
            benefit dated August 22, 2007. A copy of the letter regarding Mr.
            D'Amelio's replacement pension benefit is attached hereto as Exhibit
            10.1.
      Additional information about the Company's
        annual incentive plan, executive long-term incentive compensation awards,
        retirement plans and other executive compensation, benefit and perquisite
        arrangements is available in the Company's Definitive Proxy Statement
        filed with the Securities and Exchange Commission on March 15, 2007 (the
        "Proxy Statement").
      Severance Agreement: On August 22, 2007,
        the Company entered into a severance agreement with Mr. D'Amelio which
        will become effective as of the Effective Date. Under the terms of the
        severance agreement, if at any time prior to the second anniversary of
        the Effective Date, Mr. D'Amelio's employment is terminated by the Company
        without cause or by Mr. D'Amelio for good reason (as those terms are defined
        in the agreement), Mr. D'Amelio will be entitled to receive a lump sum
        payment equal to the sum of: (i) his earned but unpaid base salary through
        the date of termination, and (ii) a pro-rated portion of the greater of
        his target or earned annual incentive award for the year in which the
        termination occurs. In addition, he will be entitled to receive a lump
        sum amount equal to (i) two full years' base salary, plus (ii) two times
        the greater of his target or earned annual incentive award for the year
        of termination. For the two year period following such a termination (or,
        if earlier, until Mr. D'Amelio becomes eligible to receive group health
        coverage from another employer), Mr. D'Amelio will continue to receive
        group health benefits from the Company at the Company's expense (or shall
        be paid the cash equivalent thereof). The payments and benefits provided
        under the severance agreement will be reduced by any payments and benefits
        payable to Mr. D'Amelio as a result of termination of his employment following
        a change in control of the Company that occurs during the term of the
        severance agreement. Under the terms of the severance agreement, Mr. D'Amelio
        will be subject to certain confidentiality and non-disparagement provisions
        and, during his employment and for a period of 12 months thereafter, certain
        non-compete and non-solicitation provisions. A copy of the severance agreement
        between the Company and Mr. D'Amelio dated August 22, 2007 is attached
        hereto as Exhibit 10.2.
      Standard Form Change-in-Control and Indemnification
        Agreements: On the Effective Date, the Company will enter into its standard
        form change-in-control severance agreement, as amended, for named executive
        officers (the "Change-in-Control Severance Agreement") with
        Mr. D'Amelio. A description of the material terms of the Change-in-Control
        Severance Agreement is contained in the Proxy Statement. On the Effective
        Date, the Company also will enter into its standard form indemnification
        agreement for elected officers with Mr. D'Amelio. Under the terms of the
        indemnification agreement and subject to the conditions specified therein,
        Mr. D'Amelio will be entitled to the advancement of expenses by the Company
        and to indemnification by the Company against expenses, judgments, penalties,
        fines and amounts paid in settlement in the event that he is, or is threatened
        to be made, a party to any legal proceeding by reason of his status as
        an officer of the Company.
      On August 22, 2007, the Company made the
        following changes to the compensation arrangements of Ian C. Read, the
        Company's Senior Vice President and President, Worldwide Pharmaceutical
        Operations:
      -     Salary: Increased Mr. Read's base salary from
            $920,000 to $1,026,000.
            -    Target bonus: Increased Mr. Read's target bonus
            under the Company's annual incentive plan from 75% to 80% of base
            salary.
            -    Long-term incentive compensation: Increased the
            target value of Mr. Read's long-term incentive compensation award
            from $2 million to $3.5 million.





|**Item 9.01** | **Financial Statements and Exhibits** | 
|------------- | ------------------------------------- | 

|(d) Exhibits |                                                                                                             | 
|------------ | ----------------------------------------------------------------------------------------------------------- | 
|99           | Press release entitled "Pfizer Names Frank A. D'Amelio Chief Financial
      Officer" dated August 22, 2007 | 
|10.1         | Letter to Frank A. D'Amelio dated August 22, 2007 regarding his replacement
      pension benefit           | 
|10.2         | Severance Agreement between the Company and Frank A. D'Amelio dated August
      22, 2007                   | 



**SIGNATURE**

Under the requirements of the Securities Exchange Act of 1934, the registrant
  has caused this report to be signed on its behalf by the authorized undersigned.

|                       |  | PFIZER INC.                                                                                                 
|---------------------- |  | ------------------------------------------------------------------------------------------------------------
|                       |  |                                                                                                             
|                       |  | By: /s/ Margaret M. Foran
        Margaret M. Foran                                                         
|                       |  | Title: Senior Vice President-Corporate
        Governance, Associate General Counsel and Corporate Secretary
|Dated: August 22, 2007 |  |                                                                                                             

> 

EXHIBIT INDEX

|Exhibit No. | Description                                                                                                
|----------- | -----------------------------------------------------------------------------------------------------------
|99          | Press release entitled "Pfizer Names Frank A. D'Amelio Chief Financial
      Officer" dated August 22, 2007
|10.1        | Letter to Frank A. D'Amelio dated August 22, 2007 regarding his replacement
      pension benefit          
|10.2        | Severance Agreement between the Company and Frank A. D'Amelio dated August
      22, 2007                  
|            |                                                                                                            
|            |