Tim Mason (left), Tesco deputy CEO, corporate director and CEO of Fresh & Easy Neighborhood Market in the U.S., has sold 141,593 shares of Tesco plc stock at a per-share price of £402.2825, pocketing nearly $1 million. The precise amount is about $927.315 (£569.604). The pound-to-dollar conversion above is based on today's rate.Mason, who prior to coming to the U.S. in 2006-2007 to start up Fresh & Easy as its CEO was corporate marketing chief for United Kingdom-based Tesco, sold the shares on February 25.
Tesco published a regulatory filing reporting the sale yesterday. Public companies in the UK are required by law to report when directors sell shares of company stock, as is the case in the U.S.
Tesco plc stock (ordinary shares) closed today at £404.20 share. The shares are currently (UK time) trading at £400.55, down from yesterday's close.
There's no word on what Tim Mason plans to do with the nearly pre-tax $1 million he's trousered from the stock sale. But if you see the CEO pull into his parking space at Fresh & Easy's corporate office in El Segundo, California in the coming days, driving a brand new automobile with roof-mounted and bumper-mounted racks, and on those racks are (1) a brand new racing-style bicycle and (2) a new custom surfboard, along with a new set of state-of-the-art golf clubs inside the auto, do drop us a line and let us know.
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February 25, 2011: A Parting Gift: Retiring Tesco CEO Terry Leahy Exercises Options and Sells Nearly Three Million Shares of Company Stock
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Dear Mr. Mason,
ReplyDeleteYou have a promise of a store coming into our neighborhood, Euclid and Broadway. The store colors and logos are there, however, no store opening, do you intend to open a store at this location? It has never progressed past the paint and sign. Our neighborhood would like to know.