Plum Creek board members divest 137,000 shares

Three Plum Creek board members have divested a portion of their stocks, but have held on to the majority for now.

Plum Creek board members sold 137,000 shares last week, according to Securities and Exchange Commission (SEC) filings.

Chief operating officer Thomas Lindquist sold 35,000 shares of stock on Wednesday. He was followed on Thursday by chief executive Rick Holley and senior vice-president James Kraft, who sold 90,000 and 12,000 company shares at $50 respectively.

Lindquist had 132,312 company stocks after the sale on Wednesday, while Holley and Kraft were left with 312,489 and 57,322 stocks at the end of Thursday.

The sales represent a reduction of between 17 and 22 percent in the stock options held by each of the three board members. Plum Creek will be paid $8.4 billion to merge with fellow timberland giant Weyerhaeuser next year, Agri Investor reported earlier this month.

Doyle Simons will continue his role as chief executive and president at Weyerhaeuser at the top of the merged real estate investment trust while Plum Creek’s chief executive, Rick Holley, will become non-executive chairman. Weyerhaeuser’s board will grow from a team of ten to a team of thirteen, the two companies said in a press release earlier this month.

Plum Creek filed a report with the SEC today, detailing how stock options can be exercised. Exiting board members’ stock will automatically vest on the date of Plum Creek’s merger with Weyerhaeuser.