America Online Chairman, Others Sell 4 Mln Shares, Company Says
Dulles, Virginia, July 26 (Bloomberg) -- America Online Inc., the world's largest online service, said several of its executives including Chairman Stephen Case and President Robert Pittman sold 4 million shares this morning.
The company's shares fell 6 3/8 to 101 9/16 in early afternoon trading of 15 million, making it the most actively traded in U.S. markets.
Case sold 1.5 million shares, or 9 percent of his holdings, leaving him with 14.7 million shares, said AOL spokesman Jim Whitney. Pittman sold 1 million shares, or about 13 percent of his holdings, leaving him with 6.78 million shares, Whitney said.
''Our executives routinely sell shares as part of their long- term financial planning. They continue to have significant holdings in our company,'' said AOL's Whitney.
Senior Vice President Miles Gilburne sold 750,000 shares, leaving him with 2.05 million shares. Other AOL executives and the Case Foundation accounted for the remainder of the 4 million share block, said Whitney. |
