MasterCard CEO Sells $17 Million of Stock, Exercises Options

MasterCard Chief Executive Officer Ajay Banga sold $17 million of stock in the company this week as part of a pre-arranged trading plan.

Banga sold 166,738 shares at an average of about $96.36 apiece on May 3, and an additional 9,502 shares for $97.24 each, according to a filing Thursday with the Securities and Exchange Commission. On the same day, the CEO spent about $3 million to exercise 129,740 options at $23.27 each.

Banga, 56, joined Purchase, New York-based MasterCard in 2009 and the shares have returned almost 400 percent since he became CEO in mid-2010. He established the pre-set trading plan on Feb. 10, according to the filing.

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