The CIO of Southwestern Energy just made a cool $1.4 million (if I’ve done my math correctly) by selling shares of his company’s stock. The AP reported yesterday that Dee W. Hency “sold 34,800 shares of common stock” for between $42 and $44.20 a share. The sale was exercised under a prearranged trading plan, according to the AP. The 10b5-1 trading plan reportedly lets “company insiders” set up stock sales in advance and lets those insiders move forward with such transactions even if they get wind of “material non-public information.” Sounds like a good deal to me.
What would you do with a million dollars? I wouldn’t know where to start.
In other news, David Bernauer‘s retirement from his post as chairman of drugstore chain Walgreen Co. is paving the way for several executives promotions at the Deerfield, Ill.-based company. EVP and CIO Trent Taylor, 49, has been tapped to replace Gregory Wasson as president of Walgreens Health Services, the company’s managed care division, as Wasson moves into the president and COO post. Both assume their new roles on May 1. Denis Wong, 49, is going to succeed Taylor in the CIO role. she currently serves as Walgreen’s divisional vice president of retail applications. For more information on the executive promotions at Walgreen Co., check out the detailed press release.