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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 MOHAMED

NOV 13, 2020, 4:20 AM

Kham/ReutersA bank employee counts US dollar notes in this file photo from May 16, 2016.

• 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.

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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.