Mark Clare, the outgoing chief executive of housebuilder Barratt Developments, has cashed in £11.8m worth of shares ahead of his departure.
He exercised and sold 340,456 shares from a 2012 share option scheme at 527p each and another 1.9m beneficially owned shares at 530p.
The move leaves him with 303,903 shares or 0.03% of the company, although he also has options over another 2m shares worth around £10m.
Other directors have also disposed of some of their shares, with Barratt’s chief operating officer Steven Boyes raising around £3.5m while company secretary Tom Keevil cashed in £3 million worth of shares while general counsel Tom Keevil sold more than £1.3m worth. Part of the sales were said to be for tax reasons.
Barratt shares have slipped 6.5p to 522p on the news.
Clare steps down as chief executive on 1 July after nine years but will stay with the business until October to ensure an orderly transition to his successor, current finance director David Thomas.
