ANZ chief executive Mike Smith has sold $10.9 million worth of shares to meet an income tax bill and reduce his debt.
Mr Smith exercised his right to obtain 440,000 ANZ shares as part of his remuneration package approved by shareholders in 2008, the bank said in a statement to the Australian Securities Exchange on Friday.
He then sold the shares at an average price of $24.74 per share on August 20, earning $10.86 million.
“The exercise of the share options and the sale of the resulting shares was undertaken by Mr Smith in order to fund a forthcoming income tax payment and to repay debt,” ANZ said.
Mr Smith’s total holding of ANZ shares remained unchanged at 1.17 million shares.
Source: news.com.au
Picture’s source: app.downloadatoz.com
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