Kenneth Frazier, the first Black executive to manage a major pharmaceutical company, has seen the market value of his Merck & Co. stock fall by millions of dollars as the American multinational pharmaceutical company’s share price has plummeted recently.
According to market statistics, Frazier, Merck & Co.’s former executive chairman and CEO, has seen his investment in the New Jersey-based pharmaceutical giant drop by $6.42 million in the last three weeks, reflecting the company’s recent share price dip.
Merck & Co., a prominent healthcare firm, has cemented its position in the industry by providing a diverse variety of healthcare solutions, including prescription medications, vaccines, biological therapies, animal health products, and consumer healthcare goods. The company operates in three segments: pharmaceuticals, animal health, and others.
The company’s shares on the New York Stock Exchange have fallen 7.04 percent in recent days, from $129.45 on February 23 to $120.34 at the time of this publication. As a result, the company’s market valuation has dropped below $310 billion, causing enormous losses for shareholders, including Frazier.
Kenneth Frazier, a renowned Black CEO in the United States, owns a 0.028 percent ownership in Merck & Co., which is currently worth at $84.9 million. Frazier’s overall salary from the pharmaceutical firm in 2022 fell 78.6 percent to $8.5 million, from $15.2 million the previous year.
The market value of Frazier’s Merck share has dropped by $6.42 million, from $91.29 million on February 23 to $84.87 million at the time of this report.
Despite the recent fall, Frazier is a top Black executive, known for his strategic leadership and Merck’s dedication to innovation and long-term healthcare solutions, which continue to attract investors.