IPO Brings Nice Payday For MasterCardChief
PURCHASE, N.Y. - (07/17/06) The initial public offering forMasterCard International paid off handsomely for Robert Selander,CEO of the cards giant. Selander bought 120,000 shares in the IPOat $39 eachearning almost $600,000 on the stock since thenin their run-up to almost $44 a share (they closed Friday at$43.95). The cards executive was also granted 287,341 restrictedsharesvalued at more than $12.5 million at Fridaysclosing, according to documents filed with the Securities andExchange Commission. The shares vest in five annual installmentsbut Selander gets voting rights and earns dividends on the sharesimmediately. Also receiving restricted shares grants were: AlanHeuer, chief operating officer, 189,953 shares worth $8.4 million;Christopher Thom, chief risk officer, 125,693 shares worth $5million; Webster Dunbar, president, 84,144 shares valued at $3.7million; and Noah Hanft, general counsel, 62,997 shares worth $2.8million.