Moderna CEO who upped cost of Covid jab fivefold gets 50% pay raise after cashing in $400M in stock
April 30, 2023 | Vivek SaxenaCritics on the left AND right are up in arms over a report that Moderna chief executive Stéphane Bancel is swimming in sweet, sweet cash, all as Moderna is now reportedly spiking the price of its COVID vaccine.
Broken by The Washington Post, the story begins with the fact that Bancel earned a whopping $393 million in 2022 from stock sales.
The Post further notes that last year the company raised his base salary by 50 percent to $1.5 million, despite him already swimming in so much money.
Now in fairness, Bancel has claimed he intends to donate what he’s earned from stock sales to charity. However, this hasn’t been enough to stop criticism, especially since Moderna has benefited from so much government assistance.
“The firm’s windfall profits have drawn criticism, particularly because it used $1.7 billion in taxpayer funding and assistance from the National Institutes of Health to develop its vaccine,” according to the Post.
“Now, analysts are finding fault with its executive pay and governance, with one influential firm advising shareholders to vote against the company’s compensation plan at its annual meeting on May 3.”
Note that the pay also includes a nearly $1 billion golden parachute:
https://twitter.com/BIZPACReview/status/1502313536936046594https://www.bizpacreview.com/2023/04/30/moderna-ceo-who-upped-cost-of-covid-jab-fivefold-gets-50-pay-raise-after-cashing-in-400m-in-stock-1354835/
