The lockdowns, mandates, and two-year nightmare that most people experienced courtesy of the COVID pandemic is something one guy probably secretly wished would last forever—the CEO of Moderna. According to CNBC, Stephane Bancel got word that his board of directors greenlit a golden parachute valued at more than $926 million at the end of 2021.
Now keep in mind this is referred to as a “change in control package” and kicks in only if Moderna is sold and he loses his job, but he must be rooting for that to happen because before the pandemic, back in 2019, his package was worth a paltry $9.4 million.
The Moderna stock price has ridden a roller coaster the past couple of years, hitting a height of almost $500 on August 10 of last year but falling significantly to roughly $140 per share now.
The bulk of the package approved by the board comes from Moderna stock, priced at $254 when the package was valued. If he loses his gig, he will receive an additional $1.5 million and a bonus of $2.5 million for being canned.
2021 was a good year for Bancel as he brought home $18.2 million in total compensation.
Two other Moderna executives took advantage of their company being chosen to develop a COVID vaccine; President Stephen Huge cashed in $165.9 million in stock options last year, and CTO Juan Andres cashed out $194.3 million.
In 2021, Moderna sold $17.7 billion of its COVID vaccine and booster and projected $19 billion in sales this year.