ANZ boss sells shares to pay tax

ANZ chief executive Mike Smith has sold $10.9 million worth of shares to meet an income tax bill and reduce his debt.

hi-256-0-7bc5138087e08b73dd50e9ec7816adfa56281fe1Mr 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.


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