BW LPG’s Niels Rigault sold stock worth NOK 18.5m ($1.8m) on Tuesday.
The Singapore VLGC owner announced earlier on the same day that Rigault was stepping down from his position as executive vice president and head of commercial.
The board of the Oslo-listed company approved accelerated vesting of 113,600 share options, which were awarded on 1 March 2021 under the five-year long-term management plan.
The exercised options were settled by the company via a transfer of treasury shares, which the company bought for this purpose. The company is left with about 8.8m treasury shares after the transfer.
Rigault, who joined BW LPG in 2016, exercised the 113,600 options at a strike price of NOK 8.5168, according to a filing in Oslo on Wednesday.
He then sold all the shares at an average price of NOK 162.5185 for a total of about NOK 18.5m and made a profit of about NOK 17.5m.
BW LPG’s stock was among the top-performing in Oslo in 2023. The shares rose about 100% as VLGC stocks led a shipping rally in the Norwegian capital.
CEO Kristian Sorensen said on Tuesday in a comment to TradeWinds: “It is an amicable departure and like it says in our press release, Niels will be available for the company during the transition period to ensure a proper handover and it is business as usual.
“There is no replacement plan at the moment. I will handle the role of head of commercial in the interim,” Sorensen concluded.