Whitesburg KY

Massey CEO exercises stock options


Massey Energy Co. chief Don Blankenship has netted about $7.79 million exercising stock options and stock appreciation rights.

Richmond, Va.-based Massey said Blankenship exercised 320,110 stock options at an average of $21.78. The shares were sold for an average of $39.26 on Feb. 7 and Feb. 8. That netted Blankenship approximately $5.59 million.

Separately, Massey says Blankenship exercised 112,500 stock appreciation rights at an average value of $39.02. Massey says the rights were granted at a price of $19.45. That netted the coal company’s president, chairman, and chief executive officer approximately $2.2 million.

Massey says Blankenship executed the transactions to avoid forfeiting options and to diversify his holdings. He retains 284,235 shares.

Massey is the nation’s fourthlargest coal producer by revenue, with mining complexes in West Virginia, Kentucky and Virginia.

Leave a Reply