Women's Health

Moderna CEO gets 50% SALARY INCREASE after cashing in on $400M in stock

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The Moderna CEO received a 50% pay rise after cashing in on $400 million in stock – despite the company’s backlash for raising COVID-19 from $26 to $130.

Stéphane Bancel, 50, received a merit increase of about 50% last year, bringing it to $1.5 million. His target cash bonus was also increased, according to the Washington Post.

Bancel’s shares also rose by nearly $2 billion, when he owned about $3 billion to start. He said he would donate the sale of shares to charity. Its target stock rose 67% in 2021.

The CEO’s heavier pockets come as the company faces massive backlash for quintupling the cost of his jab from $26 to $130. The hit is estimated at just $1.18 to make, which is a markup of 10,000%.

Senator Bernie Sanders recently blamed the company for the price hike, saying, “In the pharmaceutical industry today, we are seeing an unprecedented level of corporate greed, and that is certainly true with Moderna.”

Stéphane Bancel, 50, received a merit increase of about 50% last year, bringing it to $1.5 million.  His target cash bonus has also been increased

Stéphane Bancel, 50, received a merit increase of about 50% last year, bringing it to $1.5 million. His target cash bonus has also been increased

Bancel's shares also rose by nearly $2 billion, when he owned about $3 billion to start.  He said he would donate the sale of shares to charity.  Its target stock rose 67% in 2021

Bancel's shares also rose by nearly $2 billion, when he owned about $3 billion to start.  He said he would donate the sale of shares to charity.  Its target stock rose 67% in 2021

Bancel’s shares also rose by nearly $2 billion, when he owned about $3 billion to start. He said he would donate the sale of shares to charity. Its target stock rose 67% in 2021

The company – which made an estimated profit of $39 billion last year – benefited from a multi-billion dollar taxpayer-funded support package to design and test its COVID-19 vaccine as part of the administration’s Operation Warp Speed.

Bancel told DailyMail.com in January: “It’s [the price] increase a bit because the previous price was massively reduced…we got help from the US government.

“When we made the first contract with the United States, we offered them an offer [with] a big discount.

He added: “In the US it’s now $26. It was the reduced price, it will go up. Pfizer said it would sell it for $110 to $130.

“We would like to be in the same ballpark as that.”

Pfizer came under heavy criticism when it announced plans in October to raise the price of its vaccine to $130 later this year.

Moderna had previously considered raising the commercial price to between $82 and $100 per dose.

The CEO's heavier pockets come as the company faces massive backlash for quintupling the cost of his jab from $26 to $130

The CEO's heavier pockets come as the company faces massive backlash for quintupling the cost of his jab from $26 to $130

The hit is estimated at just $1.18 to make, which is a markup of 10,000%.

The hit is estimated at just $1.18 to make, which is a markup of 10,000%.

The CEO’s heavier pockets come as the company faces massive backlash for quintupling the cost of his jab from $26 to $130. The hit is estimated at just $1.18 to make, which is a markup of 10,000%.

Covid vaccines have been free for Americans regardless of their insurance status during the pandemic.

The pandemic has made Bancel billionaires, as well as two co-founding board members and the company says the increase in Bancel’s merit pay was “appropriate in light of the increased scope of accountability increasingly global leader of Moderna,” according to the Washington Post.

In addition to his hefty salary, Moderna has spent around $1 million on security as he faces a “heightened threat” level due to his connection to the COVID-19 vaccine, according to the Post.

The company struck gold during the pandemic, increasing profit margins by 300%, grossing $18.5 million in 2021.

Moderna’s board is also one of only five where three directors contribute more than $1 billion in stock.

Despite the company’s profit margins set to increase due to the more expensive dose, Bancel, who joined Moderna as CEO in 2011, claimed he took a pay cut to join the company. pharmaceutical technology at the time.

“I took a risk on an untested medical technology when the failure rate in the pharmaceutical industry is around 90%,” he wrote in March 2023.

The CEO currently lives in a $6 million home in Boston, where the company is based

The CEO currently lives in a $6 million home in Boston, where the company is based

The CEO currently lives in a $6 million home in Boston, where the company is based

Two years into his tenure, he received $4.5 million in stock which he could exercise at 99 cents a piece. In 2021, his few million shares reached an estimated value of around $1 billion, according to the Post.

“Moderna has provided my family with financial security that I never imagined or, frankly, sought,” he said in 2022.

He donated the proceeds from the sale – $176 million – to charity and donated another $76 million this year.

Moderna largely pays its executives in shares they earn over time, which has drawn criticism.

Glass Lewis, a shareholder advisory firm, criticized Moderna for raising Bancel’s salary without tying it to performance goals.

However, the company argued that executives are only rewarded when shareholders are. When its stock fell 29% in March, Bancel would have received just $302 million, while when the stock rose nearly 150% the year before, his salary was worth around $800 million, according to the post.

Origin: | This article originally belongs to Dailymail.co.uk

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