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Red Hat CEO To Sell Portion of His Stock

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RALEIGH, NC — Matthew Szulik, chief executive officer of Linux software firm Red Hat, plans to sell some of his stock in the firm in January.

The company said Szulik's plans are "expected to constitute not more than approximately 27 percent of the shares" that Szulik owns.

Red Hat (Nasdaq: RHAT) shares were trading at $28.08 in late afternoon trading on Tuesday.

According to Yahoo Finance, Szulik owned 1,904,349 shares as of July 13.

"These arrangements will permit me to engage in diversification of my personal investment portfolio in an orderly manner and facilitate additional personal financial and tax planning," Szulik said in a statement.

Szulik will participate in a so-called Rule 10b5-1 plan that permits corporate officers and directors to adopt written, pre-arranged stock trading plans, according to Red Hat.

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