John McAleer, vice chairman of Krispy Kreme Doughnuts disposed of 330,000 shares between 27 March and 4 April this year, netting US$13.2m.
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News of the sale, revealed in a filing made with the US Securities and Exchange Commission (SEC) yesterday [Wednesday], comes just a week after North Carolina-based Krispy Kreme found itself moving to silence investor fears about large-scale insider selling during the previous quarter.
McAleer said on the company’s website: “In order to achieve my individual financial and philanthropic objectives, I intend to sell blocks of stock in carefully managed sales from time to time.
“However, I believe in Krispy Kreme, its management and the potential of this very special brand and Krispy Kreme will remain a significant part of my holdings.”
Krispy Kreme announced on 22 March that its executives would adopt SEC rule 10b5-1, requiring them to set up preannounced plans to sell shares.
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