Interactive Brokers’ CEO Thomas Peterffy intends to adopt trading plan
Pursuant to the plan, approximately 20,000 shares of Class A common stock will be sold each trading day at prevailing market prices.
Online trading major Interactive Brokers Group, Inc. (IEX:IBKR) has submitted a filing with the Securities and Exchange Commission about a trading plan.
The document says that Thomas Peterffy, Chairman and Chief Executive Officer of the broker, and his affiliates, intend to adopt a trading plan in accordance with Rule 10b5-1 of the Securities and Exchange Act of 1934 and Interactive Brokers’ Employee Trading Policy.
Following the Company’s July 2019 earnings announcement, an annually renewable trading plan will be adopted pursuant to which approximately 20,000 shares of Class A common stock will be sold each trading day at prevailing market prices, subject to any minimum price and volume thresholds and other terms to be set forth in the trading plan.
The shares of Class A common stock to be sold under the trading plan will be acquired pursuant to the terms of that certain Exchange Agreement, previously filed by the Company as exhibit 10.3 to its Form 10-Q filed on November 11, 2009, as amended on June 12, 2012 and as further amended on November 9, 2015. It is expected the trading plan will be renewed annually.
The transactions will be disclosed in accordance with applicable securities laws, rules and regulations through appropriate filings with the Securities and Exchange Commission, as applicable.
The announcement is released less than a week after Interactive Brokers said that it will appoint Milan Galik as its Chief Executive Officer. Mr Galik will succeed Thomas Peterffy in this role.
Mr Peterffy will continue as Chairman of the Board and remain closely involved in the operations of the company that he founded. These changes will occur in the third quarter of 2019, concurrently with Mr. Peterffy’s 75th birthday. Mr Galik has been with the Company for 28 years and has served as its President since 2014.
The top management changes were announced several months after Interactive Brokers transferred the listing of its Common Stock from the Nasdaq Global Select Market of the NASDAQ Stock Market LLC to Investors Exchange LLC (IEX).
Speaking of management changes, let’s recall that on November 30, 2018, the Board of Directors of Interactive Brokers appointed John M. Damgard to serve as a director of the brokerage. The appointment is effective December 1, 2018, and aims to fill an upcoming vacancy on the Board created by the resignation of Dr. Kenneth Winston.
