NEW YORK — DoubleClick Inc. Chairman Kevin O’Connor plans to gradually sell about 800,000 shares in the online advertising company over the next year, DoubleClick said Tuesday.
Under a plan that began Feb. 2 and will end Feb. 1, 2002, Mr. O’Connor will sell 15,000 shares a week, except for four weeks throughout the year when he will sell 20,000 shares a week, DoubleClick (DCLK) said in a 10-K filing with the Securities and Exchange Commission. Mr. O’Connor recently submitted a written stock-sale plan to DoubleClick, in compliance with SEC rules.
Mr. O’Connor wants to diversify his portfolio, and the scheduled sales are designed to avoid conflicts of interest, or the appearance of conflicts, DoubleClick said.
Mr. O’Connor owned 9.9 million DoubleClick shares as of April 2000, the last time the company disclosed his stake. At the time, his stake represented 8.1% of DoubleClick’s shares outstanding. Mr. O’Connor may have sold or acquired shares since last April.
A DoubleClick spokeswoman declined to comment.
Based on the size of Mr. O’Connor’s holdings last April, it appears that he plans to sell about 8% of his stake in DoubleClick.
DoubleClick shares trade at around $10.88. They are down more than 90% from their 52-week high of $114.75 set March 13, 2000.
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