Share this article

print logo

American Axle CEO's stock sale

Richard Dauch's name was frequently in the news in early 2008, when the CEO of Detroit-based American Axle & Manufacturing was at odds with the United Auto Workers. The union conducted an 11-week strike against the auto parts supplier in Western New York and Michigan, and Dauch personified the company for many of the pickets during the labor strife.

Dauch is back in the news, this time for his announced intention to sell 2.5 million shares of his American Axle common stock starting no earlier than April 1, 2010 and continuing from time to time through March 31, 2011. The maximum number of shares available for sale under the trading plan represents about 25 percent of Dauch's common stock in American Axle. Crain's Detroit Business estimates the sale would bring Dauch $30 million by the time it is complete.

American Axle has a far smaller presence locally than it did a few years ago, following the demise of its factories in Buffalo and the Town of Tonawanda. Only its operation in Cheektowaga remains.

The company said the planned sale by Dauch was part of a "personal financal planning strategy related to asset diversification and estate planning."

--Matt Glynn

There are no comments - be the first to comment