(Image source from: The Hindu Business Line)
Microsoft Corporation's Indian-origin Chief Executive Officer Satya Nadella has netted over $35 million after selling about one-third of his common shares in the software giant.
In multiple trades, the share of 328,000 was sold by Nadella at prices ranging from $109.08 to $109.68, with the stock trading near record highs. For Nadella, the stock sale, unveiled in a regulatory filing on Friday, raked in more than $35 million.
In past one year, Microsoft shares have soared 53 percent, closing the week at $109. As per July 25, the record closing price was $110.83.
The 50-year-old Nadella, still own 778,596 shares of common stock. He is needed to have 15 times his base salary in stock. In the year 2017, his annual base wage was $1.45 million, and his entire compensation exceeded $20 million.
"The stock divestitures made were for personal financial planning and diversification reasons," a Microsoft spokesperson told CNBC. "Satya is committed to the continued success of the company and his holdings significantly exceed the holding requirements set by the Microsoft Board of Directors," he said.
Since Nadella in February 2014 took over from Steve Ballmer, Seattle-based Microsoft's shares have tripled in value. He last sold shares in 2016, when the stock was worth about $58 per share.
By Sowmya Sangam