The chief executive officer of Charlotte-based chemicals manufacturer profited more than $4.3 million last week by exercising stock options and then selling the stock, according to a filing with the Securities and Exchange Commission.
Luther C. Kissam exercised his option to purchase 50,000 shares at a price of $22.45 per share, spending $1.1 million, on July 7.
He then sold those shares in the open market for a price of $110.08, or more than $5.5 million.
Kissam still owns 202,917 shares in the company worth more than $23.8 million.
Kissam received $8.4 million in total compensation last year, up 60.3 percent from his $5.3 million in total compensation in 2015. The amount is below the $10.3 million in total compensation he received in 2014.
Albemarle is a specialty chemicals company across different markets, such as the petroleum refining, construction and automotive industries.
Albemarle employs about 6,900 people and serves customers in approximately 100 countries.
Its stock was trading Thursday afternoon at $117.74, up $1.20.