Kenneth Frazier, the first Black executive to lead a major pharmaceutical company, has seen the market value of his stake in Merck & Co. decline by millions of dollars following a recent plunge in the share price of the American multinational pharmaceutical company.
According to market data, Frazier, the former executive chairman and CEO of Merck & Co., has seen his stake in the New Jersey-based pharmaceutical giant slump by $6.42 million over the last three weeks, reflecting the recent decline in the company’s share price.
Merck shares slump seven percent as market cap dips below $310 billion
Merck & Co., a leading healthcare company, has solidified its place in the industry by offering a range of healthcare solutions, including prescription drugs, vaccines, biological therapies, animal health products, and consumer healthcare products. The company operates across three segments: pharmaceutical, animal health, and other.
The company’s shares on the New York Stock Exchange have seen a recent decline of 7.04 percent, falling from $129.45 on Feb. 23 to $120.34 at the time of this report. As a result, the company’s market capitalization has fallen below $310 billion, leading to significant losses for shareholders, including Frazier.
Black executive Kenneth Frazier’s Merck stake dips
Kenneth Frazier, a prominent Black executive in the U.S., holds a 0.028-percent stake in Merck & Co., currently valued at $84.9 million. Frazier’s total compensation from the pharmaceutical giant in 2022 declined 78.6 percent to $8.5 million, down from $15.2 million the prior year.
According to data tracked by Billionaires.Africa shows the market value of Frazier’s Merck stake has fallen by $6.42 million, slipping from $91.29 million on Feb. 23 to $84.87 million at the time of this report.
Despite the recent decline, Frazier remains a top Black executive, recognized for his strategic leadership and Merck’s commitment to innovation and sustainable healthcare solutions, which continue to attract investors.