Back in 2017, CBL’s senior management and directors made headlines after selling their shares in the Auckland-based insurance giant. Their combined 20 million shares were equivalent to 8.5 percent of the company’s issued capital shares. This undertaking was as a result of the insurer’s effort to boost its share market liquidity.
The insurance company sold the shares at AU$ 3 for each share. The price marked an 11 percent discount from the last traded price of AU$3.35 per share on NZX.
According to a report from Finance News Network, Peter Harris, the then managing director and chief executive officer of CBL, sold 5 million of his CBL shares. Other heads of the regional insurer, including Deputy Chairperson Alistair Hutchinson and CBL’s senior management, sold 5.4 million shares and 9.6 million shares, respectively.
The 20 million share sale raked in a staggering $65 million. As such, Harris walked away with a $16.3 million payday, whereas Hutchison became $17.6 million richer. The senior management was left to split the remaining $31 million.
CBL’s management and directors sold their shares to New Zealand and Australian investors after being released from escrow. This great payday came after CBL announced its financial results for 2016 (FY16) on February 25, 2017.
About Peter Harris
Peter Harris is well-known for being the former MD and chief executive officer of CBL, a position he held from 2007 to 2018. During his tenure, he spearheaded CBL’s growth to become the biggest insurance company in New Zealand based on yearly GWP. Before assuming the managing director position, Harris previously served CBL as an international business director. Away from his work at CBL, he is an alumnus of Auckland University, where he attained his master’s degree. Presently, Peter Harris is a proud board member of CBL Corporation Limited, Assetinsure Holdings Pty Ltd, and European Insurance Services Ltd. What’s more, he’s a member of the NZ Latin America Business School, NZ Institute of Management, and the Australian Graduate School of Management.