As Mellanox CFO Retires, Other Insiders Appear To Cash Out
Mellanox Technologies, Ltd. (NASDAQ:MLNX) announced on Monday, September 10, that its CFO Michael Gray would be stepping down as of November 5, 2012, after serving the company since 2004.
While the announcement of Gray's retirement was made public, and potentially contributed to a slump in share price, the real story is the millions of dollars in insider trades other executives made in the weeks leading up to the announcement.
Between July 24 and September 4, Roni Ashuri, vice president of engineering, sold 25,469 shares worth a total of 2.34 million. Roni, however, was not alone when it came to cashing out of the company. Between July 26 and September 6, Michael Kagan, chief technology officer and vice president of architecture, exercised his market option and sold shares just about every week, resulting in millions of dollars' worth of insider trades.
Chief operating officer Shai Cohen also got in on the selling action, as did Eyal Waldmen, company chairman, CEO and director. Together, these insiders also sold millions of dollars in company stock.
Do you think Gray's retirement announcement is the beginning of a major top-level change for Mellanox?
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