Jim Squires owned around 63,000 shares on June 8th and sold around 50,000 for $9,700,000. Wheeler also made 2 large sales worth 1.7m and 1.8m the same week. With a men so “confident” in “the plan, the plan, the plan” this makes no sense. Insider trading anyone? Is insider trading not illegal for rich people? Why is this not the first thing that comes up when googling Norfolk southern Stock?
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Pure speculation here. Maybe there was a private closed door meeting between the board and the top shareholding firms/individual stakeholders and it was agreed that its time for a new CEO to be selected and announced sometime before the start of the second quarter? Maybe Jimmy is being forced out due to having lost the confidence of the impatient investors. Maybe they gave the board the ultimatum of finally getting going on meeting the promised metrics or else they’re cashing out and putting it all into our competitors. Maybe they’re angry for him not taking Hunter harrison up on his offer to take over NS 5 years ago. p-ss-d off about the company losing its a– yet a brand new 500 million dollar headquarters in Atlanta is being built as we speak. Again just speculation but that seems very strange to be selling that kind of stake all at once.
ask Martha Stewart if its illegal.
Another reason for the mass sell off may be due to the Executives that are selling may be on there way out.
A CEO dumping stock when he knows his company is not going to meet promises/expectations is, without a doubt, illegal.