Pursuits
Boardroom Compensation Made This Man a Billionaire
- Drugmaker's chairman has helped deliver 16,000% return
- Received discounted shares, options that fueled net worth
Dr. Roy Vagelos, the former chief executive officer of Merck and Co.
Photographer: Stephanie Green/BloombergThis article is for subscribers only.
When Roy Vagelos was forced to retire in 1994 as chief executive officer of Merck & Co. at the mandatory age of 65, he feared boredom. So he joined Regeneron Pharmaceuticals Inc.’s board, a move that would make him a billionaire.
Vagelos has amassed a net worth of $1.3 billion from his director compensation, according to the Bloomberg Billionaires Index. It’s a rare source of fortune, as the average board member in the U.S. is seldom paid more than $1 million annually, according to data compiled by Bloomberg.