Jefferies Financial Group announced that its Chief Executive Officer, Rich Handler, sold 1.5 million shares of Jefferies stock at $43.50.

The sale was made to facilitate the purchase of a personal boat and to pay tax obligations.

For the 34 years since joining Jefferies in 1990, Mr. Handler has received approximately 70% of his compensation in the form of Jefferies shares and, except for tax purposes and charitable donations, has never sold shares.

Following this sale, Mr. Handler owns on a fully diluted basis approximately 19.25 million Jefferies shares. The sale represents approximately 7% of Mr. Handler’s aggregate holdings.

Mr. Handler stated: “My sale of shares today was a gift to myself and my family, and I do not intend to sell any further shares. I remain extremely bullish on Jefferies and fully committed to helping us continue to build the best independent, global and full service investment banking firm.”

Source: Jefferies