Company execs cash in on rising prices

May 13, 2003 6:19 AM

A recent rise in value seems to have motivated some executives at International Game Technology (IGT) to cash in some of their shares, many of which were received as part of the company’s options plan.

Leading the pack was Thomas J. Matthews, company chief operating officer, who sold 55,000 shares on April 25 at an average price of $84.12, generating about $5 million in proceeds. Some 11 months ago, Matthews sold 35,000 shares at an average price of $61.73 and generated proceeds of about $2 million.

Other sellers were: Bob Bittman, vice president, who sold 35,476 shares for nearly $3 million in proceeds; Sara Beth Brown, vice president, 12,500 shares for nearly $1 million; Anthony Ciorciari, vice president, 23,935 shares, for nearly $2 million; Ward Chilton, vice president, 22,379 shares for nearly $2 million, and Richard Pennington, vice president, 5,033 shares for $425,163.

Also taking advantage of recent increases in the value of their company’s shares were executives at GTECH Holdings Inc. (GTK). They included: David Calabro, 85,000 for proceeds of about $3 million; Jaymen Patel, chief financial officer, 60,000 shares for about $2 million, and Donald Sweitzer, 23,300 for $792,200.

Earlier in April, Bruce Turner, chief executive officer, sold 57,900 shares in three installments, generating about $2 million.

And, at Argosy Gaming Inc. (AGY), retiring CEO James Perry sold 100,000 of his company’s shares for proceeds of about $2 million.