Charles Schwab Corp.'s co-chief executives, Charles R. Schwab and David S. Pottruck, sold more than 2 million shares of the company's stock, worth nearly $80 million, in the past week.
The Washington Service, which tracks such sales, said Wednesday that Mr. Schwab -- the founder and chairman of the biggest Internet brokerage, as well as its biggest shareholder -- sold 1.5 million shares, including some held jointly with his wife and others held in trust, in four transactions Friday and Monday.
Trusts controlled by Mr. Pottruck sold 525,000 shares last week, the service reported, citing filings with the Securities and Exchange Commission.
"The sales don't represent anything other than normal estate planning for Mr. Schwab and Mr. Pottruck," said Glen Mathison, a company spokesman. Mr. Schwab owned or held options on 151.4 million shares as of March 18 and Mr. Pottruck held or could acquire 11.2 million. -- Bloomberg News