Do Amazon's Execs Lack Conviction?
from the or-are-they-just-diversifying dept
theodp writes "As Amazon prepares to announce earnings later today, CBS MarketWatch asks, 'Do Amazon's execs lack conviction?' and reports that 'not only is insider buying activity practically non-existent, selling activity has been the theme in recent months. Amazon.com CEO Jeff Bezos sold 2.2 million shares in 2001 and 950,000 shares in May of this year. Richard Dalzell, an officer of Amazon.com, has sold 360,000 shares this year at different times. He's been quite a bit more active than previous years. Mark Britto, Amazon.com's senior vice president of sales and business development, who owned 239,998 shares at a strike price of $13.37, as of Amazon.com's April 18, 2002 filing, owned just 155,900 shares in early May. In June, Britto left for another Internet company. Jeffrey Wilke, an officer of Amazon.com, who held 240,000 shares at a strike price of $13.37 as of the April 18 filing, sold 109,880 shares in May. Dave Risher, Amazon.com's marketing executive, sold 300,000 shares this year. Risher left Amazon.com late last year. In March, Amazon.com CFO Warren Jenson left his post as CFO. In May, Jenson sold 279,166 shares, for about $4.8 million...It's disconcerting to see after years of toiling at an unprofitable company that three top executives -- the chief finance executive, chief marketing and chief sales guy -- would call it quits just as Amazon.com hit its profitable quarter last December. Are these guys leaving while they're on top, or perhaps when the stock is at its top, or just when their options are in the money?'" Every day Theodp makes sure to submit one or two anti-Amazon stories. This one is interesting though. It's worth noting, and watching, but I have nothing against execs who understand the importance of diversification.
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