A half-dozen top Goldman Sachs Group Inc. (GS:US) officials, including Chief Executive Officer Lloyd C. Blankfein and President Gary D. Cohn, reaped $14.6 million by exercising 10-year-old stock options due to expire next month.
Blankfein, 58, collected $3.15 million last week when he sold 68,836 shares purchased for $78.87 each, according to an Oct. 19 filing. Cohn, 52, made $1.87 million selling 40,425, a separate filing showed.
Goldman Sachs, the fifth-biggest U.S. bank by assets, has gained (GS:US) in New York Stock Exchange composite trading in the past 10 years, even as the stock is worth about half the price of five years ago. The six executives sold a combined 320,424 shares last week at prices ranging from $123.92 to $126.17 after buying them at the $78.87 strike price granted in November and December 2002, the filings show.
Michael S. Sherwood, 47, the firm’s London-based vice chairman and co-head of the European business, reaped the biggest gain of $5.23 million as he exercised 115,211 options and sold the stock on Oct. 17 and Oct. 18, according to a filing. In November 2009, Sherwood made about $15.7 million exercising options on 182,860 shares.
Chief Financial Officer David A. Viniar, 57, who is set to step down from his role in January, made $2.28 million selling 50,751 shares, while John S. Weinberg, 55, a vice chairman and co-head of investment banking, made $1.87 million selling 41,094 shares after exercising options, filings show.
Sarah Smith, the chief accounting officer, exercised 4,107 options and sold the underlying shares for a profit of $185,681, a filing showed.
Michael DuVally, a spokesman for New York-based Goldman Sachs, declined to comment on the transactions.
All of the sales took place on Oct. 17 and Oct. 18 after the company reported third-quarter results on Oct. 16, beating analysts’ estimates. Goldman Sachs ended the week at $123.62, up 2.8 percent from the Oct. 12 close of $120.20.
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