On April 12, Interpublic CEO Michael Roth will sell 324,341 shares, currently worth about $3.8 million at $11.70/share, for tax purposes, the ad agency holding company said in a regulatory filing.
Roth—whose company owns agency brands such as McCann Erickson and DraftFCB—received $3.3 million in stock and another $1.6 million in options as part of his 2010 compensation, the most recent year disclosed by IPG.
This year’s vesting schedule calls for Roth to receive two lumps of stock (of 307,426 shares and 170,000 shares) over the coming months in 2012.
Roth’s total 2010 compensation was $10.2 million.
The April 12 sale is being done “for tax planning purposes,” the company said. It did not elaborate.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.