Moderna’s CEO Stephane Bancel raked in nearly $400 million last year after governments around the world forced people to get vaccinated for Covid.
In 2021, Moderna made 300 times what it made in 2020 thanks to governments forcing people to get jabbed.
Stephane Bancel made $393 million last year and he got a raise.
“Even by the roller coaster standards of the biotechnology world, Moderna’s rise has few parallels in the annals of modern American business. The company brought in revenue of $18.5 billion in 2021, 300 times more than it generated just two years earlier. Moderna’s board is one of just five in the S&P 500 with three directors owning more than $1 billion in company stock, along with household names like Google-parent Alphabet, Berkshire Hathaway and Estée Lauder, according to Equilar, a research firm specializing in executive pay.” The Washington Post reported.
The Washington Post reported:
Stéphane Bancel, chief executive of Moderna, had a good year in 2022, exercising stock options that netted him nearly $393 million. The company decided his pay wasn’t good enough.
The Cambridge, Mass.-based biotech, known for its lifesaving coronavirus vaccine, raised his salary last year by 50 percent to $1.5 million and increased his target cash bonus, according to a March securities filing. Bancel, 50, says he is donating the proceeds of stock sales to charity. He owns stock worth at least $2.8 billion and, as of the end of last year, had additional stock-based compensation valued at $1.7 billion.
Moderna emerged from the pandemic as a standout corporate winner, as its vaccine supercharged its stock price and made billionaires of Bancel and two co-founding board members. 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. 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.
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