(Source: Wall Street Journal)
Robert Toll, chairman and chief executive officer of Toll Brothers Inc., has reaped about $50 million from sales of stock in the luxury home builder this year, benefiting from a recent jump in the share price amid investor hopes for a recovery in the housing market.
Last week, Mr. Toll sold about 791,000 shares. Those sales were prompted by the exercising of stock options, awarded a decade ago, that are due to expire in December, a company spokesman said. The transactions, along with earlier sales that weren’t triggered by options, brought Mr. Toll’s total stock sales for the year to 2.8 million shares, according to securities filings.
Toll Brothers’ stock has recovered from less than $16 in early July to a recent range of about $20 to $23. It closed at $21.69 Friday on the New York Stock Exchange. At that price, Mr. Toll’s stake is valued at about $345 million.
Read James R. Hagerty’s full article “Toll’s CEO Tallies Gains in Stock Sale” in the Wall Street Journal (September 14, 2009).