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Moderna billionaire CEO Stéphane Bancel is set to get an obscene golden parachute of $926 million if the company is sold and he is replaced with someone else, which is a 9,751 percent raise over his proposed pre-pandemic severance of $9.4 million in 2019.
The gob-smacking so-called change-in-control package was approved in 2021 by Moderna’s board of directors, according to CNBC. The majority of the golden parachute, amounting to approximately $922.5 million, is in the form of stock. The remainder is comprised of $1.5 million in cash and a bonus of $2.5 million.
Moderna’s shares reached an all-time high of $497.49 on Aug. 10, 2021, shortly before the Food and Drug Administration cleared booster shots for its vaccine. But they were trading at $253.98 on Dec. 31, 2021, when the package was valued and have since dropped by about 45% to around $140 a share this week.
Bancel, who was born in France and is now 49, is worth north of $4.3 billion according to Oxfam International. He only gets the severance package if the company is sold, merges, or he loses his job.
🎩📰💭 what could you get paid for selling your 😈 soul?
Moderna’s board of directors approved a golden parachute for CEO Stephane Bancel worth more than $926 million at the end of last year, up from $9.4 million in 2019 before Covid-19 upended the world order. pic.twitter.com/2GD06mkVCh
— 🏦 Institutional Trading 🚫 EXPOSED (@WhiteOakFX) March 10, 2022
Currently, he resides in Boston in a three-bedroom, 1,537-square-foot apartment that is reportedly worth $1.2 million according to a Zillow estimate. He is married with two children.
Moderna profited handsomely off its COVID vaccine. In early 2020, the company was in the red by $747 million but, by the end of 2021, it was making $12.2 billion. The company also manufactures flu vaccines as well as shots for other infectious diseases.
Before joining Modern in 2011, Bancel was the CEO of French diagnostics company BioMérieux.
In 2021, Bancel made $18.2 million as CEO of Moderna. That is a 41 percent increase from the year before, according to CNBC. Moderna also shelled out $661,000 in personal security for the CEO and his family.
Bancel is not alone in making big bucks at Moderna these days.
President Stephen Hoge was reportedly paid $7.8 million in 2021, including stock and options that were valued at $6 million, as well as a bonus of $819,000. In 2021, Hoge cashed out $165.9 million in stock. His 2021 compensation is a 48 percent increase from the year before.
Chief Technical Officer Juan Andres pocketed $6.6 million, with $5 million in stock and options and a bonus of $756,000. He also cashed out $194.3 million in options. His compensation shot up 55 percent from 2020.
Chief Financial Officer David Meline received $5.2 million, including $4 million in stock and options as well as a $560,000 bonus. Meline’s total compensation dropped 44% from 2020.
Pfizer and Moderna are expected to see $51 billion in vaccine sales this year, according to earnings statements. Pfizer predicts $32 billion in sales, while Moderna projects $19 billion in revenue stemming from COVID vaccines.
Pfizer, Moderna, and J&J are laughing all the way to the bank. They created ineffective vaccines that caused life changing side effects, got immunity from lawsuits, and made billions in revenue. Plus they can release booster shots every year that they know won't prevent covid.
— Wyatt the Great (@austerewyatt1) March 4, 2022
Moderna has been excoriated by activist groups such as Oxfam for profiting from the vaccine while not sharing its technology with poorer nations. Oxfam America filed a proposal for the annual shareholders meeting to “assess the feasibility of transferring the biotech company’s intellectual property to boost vaccine production in the developing world.”
“We believe backlash from Moderna not sharing information needed to manufacture its vaccine in low- and middle-income countries could tarnish its reputation, threaten its social license to operate, and undermine relations with the U.S. government,” Oxfam’s proposal stated, according to CNBC.
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