Fidelity National’s Sanchez Cashes In

JACKSONVILLE, Fla. – Michael Sanchez, the founder of Sanchez Computer Associates, which was acquired three years ago by Fidelity National, reported a one-day windfall of more than $10 million when he exercised more than 280,000 options in newly restructured Fidelity National Information Services last month. Sanchez, now the chairman of the international division of FIS, reported that he exercised 283,000 options at between $7.80 and $26.78 each on Jan. 7, then sold 287,000 shares at an average of $41.20 each, netting him more than $10 million. Sanchez Computer is one of eight back-office service providers acquired by Fidelity National to form Fidelity National Information Services.