Chrysler may be on the comeback trail, but while its stock is riding high, the carmaker's honchos are cashing in. Ten of the company's top executives in late October exercised stock options for just over 601,000 shares of Chrysler stock. They then sold the stock, pocketing a total of $7.3 million.
The biggest gainer was Chairman Lee Iacocca, who retires at yearend. He cashed in 200,000 shares for a $2.85 million profit. President Robert Lutz sold 167,733 shares for a gain of $1.97 million. And Chief Financial Officer Jerome York made $992,300 by selling 94,700 shares. Chrysler says the executives sold for personal reasons. Because the sales came through newly granted options, none of the executives significantly pared his Chrysler holdings.