Woolworths Chief Executive Officer Ian Moir sold shares worth 51 million rand ($3.7 million) this week, reducing his stake in South Africa’s biggest retailer by market value.
Moir sold 575,381 Woolworths shares on Thursday after the call options came due on zero-cost collar hedges, a type of trading strategy, that the executive entered into a year earlier, Cape Town-based Woolworths said in a statement on Friday.
The current share price exceeds the option strike price of 88.55 rand, the retailer said. The obligations under the options have now ended.
Moir, who has been CEO of Woolworths since November 2010, held at least 1.55 million Woolworths shares as of 25 September, according to data compiled by Bloomberg.
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