Google executive chairman Eric Schmidt plans to sell off approximately 42 percent of his shares in the company in 2013, according to a filing with the U.S. Securities and Exchange Commission.
Google’s stock was at an all-time high of $785.37 as of closing time on Friday, making it a good opportunity for the company’s former chief executive to cash out while co-founders Sergey Brin and Larry Page continue to run the company.
Schmidt owns approximately 7.6 million shares of Class A and Class B common stock, which account for 2.3 percent of Google’s outstanding stock and 8.2 percent of the vote. Through a common stock trading plan, he’ll unload 3.2 million shares of Class A stock in the next year.
According to Reuters, “The plan, which Google said would give Schmidt ‘individual asset diversification and liquidity,’ allows Schmidt to spread trades out over a period of one year to reduce the market impact.”