Pfizer's CEO cashed out $5.6 million of stock after trumpeting its COVID-19 vaccine. That's 30% of his total compensation last year
THERON MOHAMEDNOV 13, 2020, 4:20 AM
- Pfizer CEO Albert Bourla raked in more than three times his base salary when he sold about 60% of his stock on Monday, shortly after trumpeting the stellar performance of his company’s COVID-19 vaccine in a late-stage trial.
- The executive sold $US5.6 million worth of shares due to “personal financial planning” and as part of a predetermined plan that he authorised in August, Pfizer told Reuters.
- Bourla’s proceeds equate to about 30% of his total compensation of $US18.2 million last year.
Pfizer CEO Albert Bourla sold shares worth more than triple his base salary on Monday, hours after proclaiming that excellent results from the pharmaceutical company’s COVID-19 vaccine in a late-stage trial made it a “great day for science and humanity.”
Bourla described the results in a press release as a “critical milestone” in the race to develop a vaccine, and a “significant step” towards ending the coronavirus pandemic. Pfizer’s stock price jumped as much as 15% on the news.Alex Umansky has been one of the world’s best stock pickers for years, and his fund is making 6 times more than the competition in 2020. He told us the 4 pillars to his investing approach.
The Pfizer chief cashed out more than 60% of his stock the same day, raking in $US5.6 million — about 30% of his total compensation in 2019. The sales were part of his “personal financial planning” and a predetermined 105b-1 plan that he authorised in August, meaning they were allowed under Securities and Exchange Commission rules, Pfizer told Reuters.
Pfizer didn’t immediately respond to a request for comment from Business Insider.
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