The chief executive of Lafayette-based IberiaBank Corp. intends to sell a significant share of his stock in the company, according to government records.
IberiaBank said in a Tuesday (Dec. 10) Securities and Exchange Commission filing that CEO Daryl Byrd plans to sell up to 43,750 shares, or about 11 percent of his total ownership in the company, over the next three months. Publicly traded companies are required to notify investors when an executive or board member buys and sells stock.
The sale would be worth up to $2.7 million based on the bank's Wednesday closing price of $60.69 per share.
According to the filing, Byrd intends to sell a portion of his shares as a part of an effort to diversify his individual stock investments. If the sale is completed in full, Byrd will still own 351,291 shares in the company.
IberiaBank did not return a request for further comment.
The sell off will occur gradually from now until March 14 under a pre-arranged trading plan.
CEO Daryl Byrd
Source: http://www.nola.com/business/index.ssf/2013/12/iberiabank_ceo_to_sell_up_to_1.html
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