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Dean Foods CEO to Exercise Options

Greg Engles will hold 3.2% of the stock.

Dean Foods

(DF) - Get Dean Foods Company Report

said CEO Gregg Engles will exercise stock options for 1.9 million shares.

The Dallas-based company said Engles will hold the shares, except the ones he sells to cover the related tax liability.

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The 1.9 million options were granted to Engles between 1997 and 2001 under the company's stock awards plan. After the completion of the exercise, he will hold 4.6 million shares, representing 3.2% of diluted shares outstanding.

The company does not expect this transaction to have a material effect on the number of diluted shares outstanding or earnings per share in 2006.

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