Brian J. Lipke, Gibraltar Industries’ executive shareholder and its biggest individual shareholder, plans to sell as much as 20 percent of his stock in the Hamburg-based construction products manufacturer over the next year.
Lipke said Friday that a trust that holds his more than 1.2 million shares of Gibraltar stock has set up a pre-arranged trading plan to sell the shares through March 15, 2016.
The trading plan, set up to comply with Securities and Exchange Commission regulations and Gibraltar’s insider trading policy, gives the trust the ability to sell shares at prevailing market prices. Lipke, who owns 4.1 percent of Gibraltar’s stock, stepped down as the company’s CEO late last year and plans to give up his chairman’s duties in June, will have no control over the timing of the sales, which must meet a minimum price threshold.
Such trading plans are common with executives who hold large stakes in a company and wish to reduce their holdings, while avoiding the risk of running afoul of insider trading laws.