Red Hat Execs Sell $5.3 Million in Stock

4/23/17

By Jonathan Ponciano, NC BIZ News

Four Red Hat Inc. executives profited nearly $5.3 million on April 20 after selling shares from performance-related stock awards, according to a series of Friday filings with the Securities and Exchange Commission.

James Whitehurst, Red Hat’s president and chief executive, sold 26,250 shares of the company’s stock at an average price of $86.85 – for a total value of $2.3 million.

Whitehurst now owns slightly less than 400,000 shares. He previously sold 12,000 shares in March, profiting $1 million.

Executive Vice President of Products & Technologies Paul Cormier sold almost 18,500 shares at an average price of $87.43 – profiting $1.6 million and leaving him with about 250,000 shares.

Meanwhile, two other executive vice presidents, Michael Cunningham and Alexander DeLisa, made up the remaining transactions – profiting $697,000 and $665,000 by selling 8,000 and 7,670 shares, respectively.

Cunningham now owns 25,905 Red Hat shares, compared to DeLisa’s 35,222 shares.

In March, Red Hat reported fourth-quarter revenue of $629 million, up 16 percent year-over-year. The company also said it expects revenue in the first quarter to fall between $643 million and $650 million.

Last week, Red Hat announced the immediate appointment of Eric Shander as the firm’s chief financial officer. Shander previously served as the company’s principal accounting officer.

He takes over the role vacated by Frank Calderoni, who left Red Hat in January to serve as chief executive of San Francisco-based software firm Anaplan.

Raleigh-based Red Hat is a leading provider of open-source software solutions with corporate clients including FICO, Sprint Corp. and Adobe Systems.

Red Hat shares fell 35 cents Friday, closing at $87.02.

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