The value of the sales topped
Cobb's sales came about a month ahead of his retirement after six years at the helm of the
CEOs and other insiders are limited as to when they can buy or sell shares in the market, given that they often have material information that is not known publicly. Cobb's sale came after the company reported higher-than-expected profits
For many top corporate executives, stock holdings in the company where they work can account for a large share of their net worth. They typically limit sales while in office as a show of faith in the company's future and their ability as CEO to make the shares more valuable.
A filing with the
One sale involved stock options Cobb had received as part of his compensation in previous years. When granted, Cobb's options allowed him to buy 500,000 shares at
The options had vested to his control in 2013 and 2014 and were set to expire in 2021.
Cobb also sold 250,000 other shares, at about
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