With just three months to go before he slips into his retirement shoes, Time Warner Cable chairman and CEO Glenn Britt reaped a $4.3 million profit by cashing in some of his stock options, according to a filing with the Securities and Exchange Commission Thursday.
According to a form 4 filing with the SEC on Sept. 12, Britt exercised options for 50,000 shares at a strike price of $23.48 per share, for a total of $1.2 million on Sept. 11. He then sold 6,110 shares at $110.71 each and 43,890 shares at $110.26 each that same day, for a total of $5.5 million, reaping a total profit of $4.3 million on the sale.
The sales were automatic, made via SEC Rule 10b5-1, which allows executives at public companies to sell their shares at a predetermined price and time. Holders of 10b5-1 trading plans have no knowledge of when trades will be made, which shields them from any hint of insider trading violations. Most top executives of publicly traded companies utilize the plans.
Britt announced in July that he would retire at the end of the year. He is to be succeeded by current TWC chief operating officer Rob Marcus.