Yellow Roadway Corp.CEO Bill Zollars last week sold 117,860 shares of company stock for more than $5.6 million, a federal filing shows.
Zollars exercised options to acquire the shares on Nov. 22 at a price of $17.21 a share, or a total of more than $2 million, the Securities and Exchange Commission filing showed. He then sold the stock throughout the day at a price of about $48 a share, according to the filing, which was filed late Friday.
The transactions left Zollars with a profit of more than $3.6 million.
In a Nov. 21 news release, Yellow Roadway Corp. announced that Zollars had adopted a plan to sell the stock in accordance with an SEC trading plan.
"Zollars' plan is a component of his overall tax and financial planning strategy that is designed to provide enhanced diversification and liquidity," the news release said.
Zollars retains 154,465 stock options, according to the news release, meaning he exercised about 43 percent of his available stock options with last week's transactions. He also continues to own 134,234 shares of Yellow Roadway stock, the federal filing indicated.