Gibraltar Industries Chief Executive Brian J. Lipke plans to sell as much as 15 percent of his stock in the Hamburg-based construction products company his family has led for decades. Lipke plans to sell the shares this year under a trading plan that has been established for the trust that holds the executive’s shares in the company.
Lipke’s latest filing with the Securities and Exchange Commission indicates that he held 1.33 million Gibraltar shares, either directly or indirectly. If Lipke were to sell 15 percent of his total holdings, the sale would involve a little more than 199,000 shares.
Lipke is Gibraltar’s largest individual shareholder, controlling 4.3 percent of the company’s shares, and the seventh-biggest shareholder overall, trailing six mutual fund groups and investment firms. If he were to sell a full 15 percent of his total holdings, his stake in the company would drop to about 3.7 percent.
Lipke said he will not have any control over the timing of the sales, which will be made at prevailing market prices and will be subject to minimum price thresholds.
Lipke said the stock sale is being done in connection with his personal estate planning and is related to a long-term asset diversification program. At Gibraltar’s current share price of $18.07 per share, the sale could raise almost $3.6 million for Lipke.