Temple & Webster co-founder and chief executive Mark Coulter has sold 1.6 million shares in the online furniture retailer, raising A$36.4 million through on-market transactions on Wednesday.
Following the sale, Coulter’s majority interest in the company is now held through options. About 400,000 of the shares were indirectly owned via the ArdenPoint Ecommerce Unit Trust, where he shares a 50% beneficial interest with fellow co-founder Conrad Yiu. Yiu also sold 400,000 shares in ArdenPoint, generating A$9.1 million.
Coulter said the divestment reflected the structure of his remuneration over the past decade. “Over the last 10 years, the vast majority of my remuneration as CEO has been paid in equity, and after this sale, I still retain a very material interest in the company,” he said. “I have no intention to sell any more shares in the mid-term and remain fully committed to leading Temple & Webster and executing our long-term strategy and vision.”
He retains around 83% of his total shareholdings, including approximately 7.4 million outstanding options.
Shares in Temple & Webster (ASX: TPW) were last trading at A$23.025, down 0.88% at midday today.