Irishman Alan Joyce, chief executive of Qantas Airways, sold 16.9 million Australian dollars (€10.5 million) of shares in the airline, offloading the bulk of his holdings as he prepares to retire after 15 years at the helm of the Australian carrier.
Mr Joyce sold 2.5 million shares at A$6.75 on June 1st, a regulatory filing showed. Qantas shares fell 4.1 per cent to A$6.35 on Tuesday.
Mr Joyce (56) is due to hand over to Qantas chief financial officer Vanessa Hudson in November. The filing indicates he sold his shares about 48 hours after fronting bullish investor-day presentations in Sydney that led to a three-day run of stock gains.
According to the Australian Financial Review, Mr Joyce executed the sale after buying a penthouse in the city overlooking the Sydney Opera House for A$9 million. He had bought the shares for A$1.50 each in 2012, the newspaper said.
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Mr Joyce still owns 228,924 shares in the Australian airline, the filing showed. They’re currently worth about A$1.5 million. – Bloomberg
