Emergent, Which Ruined Vaccine Doses, Gave Its Top Executives Bonuses

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    Emergent, Which Ruined Vaccine Doses, Gave Its Top Executives Bonuses

    Mr. Kramer received a $1.2 million cash bonus, the records show; the board found that he had “significantly exceeded expectations.” Three of the company’s executive vice presidents received bonuses ranging from $445,000 to $462,000 each.

    Sean Kirk, the executive responsible for overseeing development and manufacturing operations at all of Emergent’s manufacturing sites, received a special bonus of $100,000 last year, over and above his regular bonus of $320,611, in recognition of his “exceptional performance in 2020,” and for significantly expanding the company’s contract manufacturing capability to address Covid-19, the documents show.

    Mr. El-Hibri, who was praised for leveraging his connections, cashed in stock worth $42 million last year, according to an investigation by The Times.

    Over the past two decades, Emergent has grown from a fledgling biotech company into a firm with annual revenues that last year topped $1.5 billion. Much of its success has come from selling products aimed at thwarting a bioterrorist attack, including its anthrax vaccine, to the Strategic National Stockpile, the nation’s emergency medical reserve.

    The $628 million contract, awarded by the Trump administration nearly a year ago, was mostly to reserve space at Emergent’s Baltimore plant for vaccine manufacturing. The contract was approved by a former Trump administration official, Dr. Robert Kadlec, who previously consulted for Emergent.

    The documents show that Emergent retained Dr. Kadlec to serve as a consultant from 2012 through 2015, agreeing to pay him $120,000 annually over that three-year period. In return, Dr. Kadlec agreed to provide advice on “international biosecurity and biodefense related issues to Emergent BioSolutions,” including outreach to senior government officials in Saudi Arabia and other countries.

    Dr. Kadlec has said that while he did not negotiate the contract, he did sign off on it. The documents show he recommended that Emergent be given a “priority rating” so that it could be approved speedily.

    Rebecca R. Ruiz contributed reporting.

    Published at Wed, 19 May 2021 14:37:10 +0000

    Attribution – For more Information here is the Article Post Source: https://www.nytimes.com/2021/05/19/world/emergent-biosolutions-vaccine-bonuses.html