William Daley will sell JP Morgan Chase shares worth $7.6 million, Financial Times reports. Daley has exercised his right to convert the stock after being appointed the chief of staff for President Barack Obama.
Daley will sell 101,914 shares of restricted stock and 100,000 options, earned as compensation as the bank’s Midwest chairman. He will receive, in exchange, 175,678 shares of JPMorgan stock valued at $7.6 million. Daley cannot sell the shares before the bank reports its fourth-quarter earnings on Jan. 14, 2011.Click here for the story from Financial Times.
Click here for the additional coverage from The Wall Street Journal.