E*Trade CEO Cotsakos Among Executives, Directors Selling Shares
Palo Alto, California, Feb. 10 (Bloomberg) -- E*Trade Group Inc.'s chairman and its chief executive were among eight executives and directors who filed to sell almost 750,000 shares in the No. 3 online brokerage.
Among executives selling are Christos Cotsakos, president and chief executive, who plans to sell 140,000 shares, according to the Washington Service, which tracks corporate filings with the Securities and Exchange Commission. Cotsakos owned 1.7 million shares as of Dec. 31, according to the company's latest proxy statement.
Also selling is a trust affiliated with William Porter, E*Trade's chairman and founder. The Porter Revocable Trust plans to sell 200,000 shares. Porter owned 2.2 million shares, according to the proxy.
Debra Chrapaty, chief information officer, filed to sell 50,000 shares. She owned 64,637 shares as of Dec. 31.
They join General Atlantic Partners, a Greenwich, Connecticut-based fund that's E*Trade's second-biggest shareholder, which has filed to sell 4.1 million shares, or about 47 percent of its stake.
Palo Alto, California-based E*Trade fell 4 3/16, or 10 percent, to 36 in early trading. The stock fell 12 percent yesterday amid a decline in shares of Internet-related and brokerage companies, marking E*Trade stock's first six-day losing streak since July. The stock is up 184 percent in the 12 months through yesterday.
Porter is set to step down next month to focus on starting an Internet options exchange. Cotsakos will add the title of chairman.
09:54:27 02/10/1999
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