Richard Fairbank, the chief executive officer of Capital One Financial Corp. (COF), sold about $44 million in stock this month as part of a previously disclosed plan to dispose of almost 1.5 million shares.
Fairbank sold 910,000 shares in transactions through Nov. 18, according to regulatory filings from McLean, Virginia-based Capital One. That includes separate sales of common shares and exercising 360,000 stock options granted in 2003. Fairbank still held 2.1 million shares as of Nov. 18, according to data compiled by Bloomberg.
The options were granted in lieu of any base salary, cash or long-term incentive for performance in 2004 and 2005, Julie Rakes, a spokeswoman for Capital One, said today in an e-mailed statement. Fairbank has held the options for “almost their entire term,” Rakes said.
Fairbank, 63, is diversifying his personal investments, the firm said in a May filing. The CEO was awarded $17.5 million for 2012, which included $2.19 million in deferred cash. Last year was the first time in at least 15 years Fairbank’s compensation wasn’t all options or stock.
The share plan also allows Fairbank to exercise options for 566,000 shares awarded in 2004, according to the May filing.
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