Time Warner CEO Sells 71% of His Holdings
Of the 288,701 shares of Time Warner stock he either directly or indirectly owned, chairman and CEO Jeffrey Bewkes has sold 205,681, equal to 71% of his total holdings, at an average price of $59.27 per share, according to an SEC filing this week.
Bewkes still indirectly owns 35,010 Time Warner shares as part of the company's qualified employee benefit plan. Of the 253,691 shares he directly owned, Bewkes recent sales reduced his stake in the company by 81%. Bewkes' stock sales were conducted as a series of transactions, with prices ranging from $59.00 to $59.52 a share. The $59.27 share price reflects the weighted average sale price, according to the SEC filing. TWX shares closed yesterday at $59.58.
Bewkes joined Time Warner in July 2002 after 11 years at HBO, the last seven years as chairman and CEO. Bewkes became Time Warner CEO in January 2008 and was elected chairman of the board the following year.
The article Time Warner CEO Sells 71% of His Holdings originally appeared on Fool.com.
Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.
