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Updated from 5:46 p.m. EST

Margaret Whitman, the chief executive of Internet auction site

eBay

(EBAY) - Get eBay Inc. Report

, plans to sell 600,000 company shares, worth about $33.4 million, according to a filing with the

Securities and Exchange Commission

.

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The filing, which was submitted on Oct. 24, didn't indicate if the shares have been sold yet, but said that the stock was acquired after exercising options.

"This is part of a programmed selling cycle that's been in effect for many, many quarters," said company spokesman Henry Gomez. The spokesman said that company executives didn't sell any shares last quarter because eBay's acquisition of

Half.com

was pending.

Two additional filings showed that the company's chief operations officer, Brian Swette, plans to sell 180,000 shares for $10 million and that another company insider plans to sell 70,000 shares for $3.9 million.

Shares of eBay were recently quoted at $54.49 in after-hours trading on the

Island

ECN.