Chiquita adopts Rule 10b5-1 stock trading plan
June 19, 2007
by FoodBusinessNews.net Staff
CINCINNATI — Robert F. Kistinger, president and chief operating officer of Chiquita Brands International Inc.’s Chiquita Fresh Group, has adopted a prearranged stock trading plan in accordance with guidelines under Rule 10b5-1 of the Securities Exchange Act of 1934 as amended.
This rule allows plans to be established permitting corporate executives to prearrange sales of company securities when they are not aware of any material non-public information. These plans usually involve selling shares over a set period of time. In this instance, the plan allows for the liquidation of some of Mr. Kistinger’s holdings over multiple quarters for the purpose of financial planning for his family.