Scott Moritz
Nextel Chief Sells More Stock
Scott Moritz
12/08/04 - 05:10 PM EST
Nextel (NXTL Quote) Chief Tim Donahue continues to sell stock.
The CEO of the Reston, Va., walkie-talkie pusher sold 100,000 shares Tuesday, according to a filing with the Securities and Exchange Commission. The sale netted him $2.8 million and brings Donahue's 2004 stock-sale take to $32.8 million, going by filings and Yahoo! Finance.
Donahue filed a so-called 10b5-1 plan in May, indicating he planned to sell 1.4 million Nextel shares over a year.
"Nextel's momentum continues to grow as we post strong financial results that reflect our status as a leader in the industry," Donahue said at the time of his May filing. "I am very confident about the company's future prospects. I am adopting this trading plan upon the recommendation of my advisers as a way of achieving prudent diversification of my family's investments."
Counting the latest sale, the executive now holds 683,000 Nextel shares.
Nextel shares are trading roughly where they started in January. On Wednesday, the stock dropped 18 cents to $27.97.