Automatic Data Processing (NASDAQ:ADP) CEO Carlos A. Rodriguez sold 24,791 shares of Automatic Data Processing stock in a transaction dated Wednesday, January 9th. The shares were sold at an average price of $131.47, for a total value of $3,259,272.77. Following the transaction, the chief executive officer now owns 130,281 shares of the company’s stock, valued at approximately $17,128,043.07. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
5 replies (most recent on top)
Smart and strategic move for a business mind.
Sounds like he is cashing in what he can before the next layoff round. I still recall he cashed in around May 2017 before layoffs happened in June or July 2017.
Portfolio balancing? Still shows a lack of confidence in his own company since he, as CEO, is always in the spotlight. Selling off stock like this in stages sends the wrong message at the wrong time.
This is called portfolio balancing. If he was gaming the system, he'd have sold them when they were at $150. All CEO's do this to make sure they aren't overly invested in one asset. Just like all of us. Balanced investments make more sense than having all eggs in one basket.
Guess that shows how much he believes in his own leadership skills! Truth is, he knows he schemed a short term pyramid of inflated stock at the expense of dedicated and skilled employees and he is selling at all costs trying to stay as much under the SEC radar as possible. He needs to be removed from his position immediately and replaced with someone that isn't a self serving foreigner!