Caterpillar CEO Joseph Creed sold $26.2 million worth of stock on August 28 on the New York Stock Exchange, exercising options four and a half years ahead of their March 2031 expiration date. The exercise price of these options was $219.76 per share, or 72% below the current stock price regular investors have to pay. The transaction involved 32,401 shares at a weighted average price of $808.98 per share. Caterpillar shares have lost 16% of their value since reaching a high of $935 on the day the company reported its quarterly earnings. The sale was not reported under a predetermined Rule 10b5-1(c) trading plan, leaving more room for speculation about the executive’s motivations.
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