William Zollars — chairman, president and chief executive officer of Yellow Roadway Corp. — has sold $5.6 million worth of shares in the trucking company in a move to diversify his portfolio.
Zollars sold 117,860 shares on Tuesday, Nov. 22 for about $48 each, according to a federal filing on Friday, Nov. 25. Zollars acquired the shares through the exercise of the same number of options valued at about $2 million, or $17.21 each. The day before the sale, on Monday, Nov. 21, Zollars filed to sell the shares any time over the next three months under a prearranged Securities and Exchange Commission trading plan.
Zollars’ filing said the transactions are a “component of his overall tax and financial-planning strategy that is designed to provide enhanced diversification and liquidity.” Zollars retains 154,465 options in Yellow Roadway and 134,234 common shares directly, according to the filing.