LAS VEGAS Las Vegas Sands Corp. President Michael Leven plans to sell about half of his Sands shares of company stock during 2011 as part of a prearranged stock trading plan.
Leven intends to sell 1,758,349 shares as part of a personal long-term strategy for asset diversification, tax and family planning, according to a filing this week by Sands with the Securities and Exchange Commission. Based on current market prices, the shares are worth US$78 million.
Leven would retain about 1.86 million shares and options if he completes all of the transactions as planned.
The 73-year-old Leven took over as Sands president in March 2009 and recently signed a two-year contract extension through November 2012.