Hargreaves Lansdown chief executive Ian Gorham has sold 715,000 shares in the FTSE 100-listed company for a total of over £8.4m.
The CEO (pictured) exercised 800,000 share options yesterday, retaining 85,000 but selling the remainder at a price of £11.79 a share.
"Part of this sale was made to meet taxation arising on exercise of the share options and partly to meet the purchase costs of increasing his shareholding in the company. The number of ordinary shares sold represented 0.151% of the ordinary shares in issue," Hargreaves said in a statement to the stock exchange.
Including the 85,000 shares not sold yesterday, Gorham's stake in Hargreaves now stands at 442,628 shares, equivalent to 0.093% of the ordinary shares in issue.
Hargreaves shares were down 1.5% at £11.58 this morning, with the wider FTSE 100 off 0.6% at 6,685.
Earlier this month, Hargreaves' head of research, Mark Dampier, sold £620,000 worth of his shares in the business.
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