DeCode CEO to Sell Up to 400,000 Shares in Next Year

NEW YORK, July 2 (GenomeWeb News) -Kari Stefansson, CEO of DeCode Genetics, will sell up to 400,000 shares of DeCode's common stock in the next year, or 12 percent of his holdings, under a pre-arranged plan that follows US Securities and Exchange Commission regulations, the company said today.

At today's share price, Stefansson would net about $3.4 million from the transactions.

Under the plan, Stefansson has authorized a broker to sell the shares on his behalf. The move is designed to diversify Stefansson's investments, according to the Reykjavik, Iceland-based company.

The sales are being made pursuant to rule 10b5-1 of the US Securities and Exchange Act of 1934, which allows company insiders to establish pre-arranged stock trading plans not based on inside information.