Top Xerox Executives Sell $8.9 Million in Xerox Shares
Barron’s reports that in a three-day period, April 29- May 1, five top Xerox executives, including CEO Ursula M. Burns, sold 745,100 shares for $8,950,919, at an average of $12.01 per share.
CEO Burns sold 300,000 Xerox shares for $3,599,790. According to Barron’s, she now holds 1,002,886 Xerox shares, which is less than one percent of Xerox. Her most recent previous transaction was on May 1, 2013, when she sold 200,000 shares for $1.7 million, an average of $8.40 per share each. According to Barron’s, from April 29-May1:
“Don H. Liu, corporate senior vice president, general counsel, and secretary, sold 25,000 shares for $303,550. Lynn Blodgett, corporate executive vice president, exercised options and sold 400,000 shares for $4,804,560.
Leslie F. Varon, vice president of finance and corporate controller, sold 20,000 shares for $241,804 and Armando Zagalo de Lima, president of unit Xerox Technology, sold 100 shares for $1,215.”
In response to a request for comment on the transactions from Barron’s, a Xerox spokeswoman stated, “These officers, including CEO Ursula Burns, still own a significant amount of Xerox common stock and their holdings still exceed the mandatory stock-holding requirements required for executive officers. In the case of our CEO, Ms. Burns’ sale was part of the diversification of her portfolio and represented a minimal portion of her holdings.”
Barron’s also reports that Xerox’s stock rose to a multi-year high on January 16th, to $12.58, a level the stock hasn’t traded at since September 2008.