clock menu more-arrow no yes

Filed under:

Qwest chairman is ending daily stock sale program

DENVER (AP) — With shares of Qwest Communications International falling, Chairman Joe Nacchio said Friday he no longer plans to sell 6.1 million of his shares in daily increments.

In a news release, Nacchio said he would sell during quarterly trading windows, as he has in the past.

The company announced Feb. 16 that Nacchio was exercising 6.1 million of his stock options and selling 11,500 shares daily, regardless of price, until June 30, 2003. The Qwest board had asked Nacchio to commit to the structured daily stock sales program to avoid a bunching of sales.