Don Callahan, the Citigroup Inc. (C) executive whose duties were reduced by Chief Executive Officer Michael Corbat this year, sold about $2.3 million of the bank’s shares yesterday after they almost doubled in the past year.
Callahan, the former chief administrative officer, sold 45,000 shares for $52.14 each, according to a regulatory filing today. He still has 252,238 shares of the New York-based bank, worth $13.2 million at today’s $52.35 closing price, the filing shows. The stock is up 97 percent over the last 12 months.
Corbat removed some of Callahan’s duties as part of a shake-up in January, soon after he replaced Vikram Pandit as CEO in October. Callahan, whom Pandit had promoted to chief administrative officer, lost direct oversight of expense management along with control of the operations and technologies that support consumer and investment banking.
Mark Costiglio, a spokesman for Citigroup, declined to comment. Callahan didn’t immediately respond to phone and e-mail requests for comment.
Callahan sold the stock three days after Citigroup, the third-biggest U.S. bank by assets, reported a 42 percent increase in second-quarter profit that beat analysts’ estimates.