Capital One Chief's Stock Sales Net $31 Million
The WSJ reports (subscription required) that Capital One CEO Richard Fairbank sold "about 505,000 shares from May through Friday as the company weathered poor first-quarter results, pressure from the subprime-mortgage meltdown and job cuts."
A spokeswoman said the sales were part of a stock-trading plan he entered into in February that allows him to exercise options and sell 2.1 million shares.
"Before his recent sales, Mr. Fairbank hadn't sold any Capital One shares since August 2005. Nearly all of his compensation comes from options and performance-based shares. He doesn't receive a salary or bonus," the newspaper reported.
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