Cashing In
by January 24, 2000 12:00 am 77 views
Lee Scott Jr., the newly crowned CEO of Wal-Mart Stores Inc., made several sizable stock transactions before the end of 1999.
On Nov. 18, the logistics expert and former merchandising executive sold 10,000 shares valued after closing that day at $59.25 per share or $592,500. Previously that month, he exercised his options on 89,005 shares. Given Wal-Mart’s average daily stock value in November 1999 of $57.625, the same amount of non-exercisable shares would have been worth $5.1 million.
But the exercisable values include discounts that make the actual total even higher.
Of course, Wal-Mart stock has since been trading above $60 per share.
Wal-Mart’s 1999 proxy lists Scott’s exercisable stock options for that year at 100,266.