JB Hi-Fi chief executive Richard Uechtritz has raised $9.87 million after selling 500,000 shares in the consumer electronic retailer who last month posted profits of $76 million.
According to documents lodged with the Australian Securities Exchange, Mr Uechtritz revealed that he had sold the shares between March 1 and March 5. Uechtritz still owns over 1 million ordinary shares in the Company. He also has 621,923 options over shares in the group which could net him tens of millions if JB Hi Fi is ever sold.
Last month Uechtritz, who led a private equity consortium to aquire JB Hi Fi in 2000 said that he was stepping down to be replaced by Terry Smart.
News of his exit triggered a near-7 per cent dive in JB Hi-Fi shares.
The company had revenues of $1.55 billion during the past 6 months.