Interactive Brokers’ President Milan Galik disposes of 55,113 shares

Maria Nikolova

Following the transaction, Mr Galik owns 900,662 shares, with the amount including common stock attributable to vested restricted stock units awarded under 2007 Stock Incentive Plan and unvested restricted stock units awarded under the plan.

Milan Galik, President of online trading major Interactive Brokers Group, Inc. (IEX:IBKR), has disposed of 55,113 shares in the Group, according to a SEC filing made public on Tuesday, May 28, 2019.

The document shows that Mr Galik sold 55,113 shares at a price of $55.97 per share. Following the transaction, executed earlier this month, Mr Galik owns 900,662 shares, with the amount including

  • (a) Class A common stock attributable to vested restricted stock units that were awarded under the amended 2007 Stock Incentive Plan and
  • (b) unvested restricted stock units that were awarded under the Plan.

Let’s recall that, on January 22, 2019, Interactive Brokers’ Board of Directors appointed Milan Galik to serve as the Company’s Chief Executive Officer effective October 1, 2019. Mr Galik, age 52, joined Interactive Brokers in 1990 as a software developer and has served as President of the Company and IBG LLC, the holding company for Interactive Brokers’ businesses, since October 2014.

The changes at the top of the broker were first announced in early January 2019. Back then, Interactive Brokers said Mr Galik will succeed Thomas Peterffy in the role of CEO. Mr Peterffy will continue as Chairman of the Board and remain closely involved in the operations of the company that he founded.

Several days after that, Interactive Brokers submitted a filing with the Securities and Exchange Commission about a trading plan. The document states 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.

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