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Restoration Hardware CEO, 6 Other Execs Sell Shares

Tanzeel Akhtar

Restoration Hardware Holdings (NYSE: RH) announced Wednesday that CEO Gary Friedman sold 500,000 shares of RH common stock from Dec. 9-11.

The stock sale comprised an option to purchase 100,000 shares and 400,000 shares of common stock Friedman owned outright, the company said. 

The sale represents approximately 6.9% of Friedman’s aggregate ownership stake in Restoration Hardware.

Friedman still retains beneficial ownership of 6,730,158 shares, representing approximately 28.1% of Restoration Hardware’s common stock, according to the retailer. 

The CEO sold shares in order to fund a final payment under a marital dissolution agreement, the improvement of real estate for a personal residence and the repayment of outstanding balances under personal line of credit borrowings, Restoration Hardware said. 

"I have been a net buyer of RH shares for a significant period of time and have sold shares now solely to satisfy certain financial obligations," Friedman said in a statement.

"My shares continue to represent the largest ownership position in RH and the vast majority of my net worth, reflecting my continued commitment to RH and confidence in the company’s strategy and growth prospects."

Friedman last sold shares of Restoration Hardware common stock in 2013. Since then, he has purchased shares of common stock in open market purchase transactions on six occasions from September 2014 to September 2018.

Restoration Hardware Holdings shares were trading down 2.8% at $226.57 at the time of publication Thursday. 

The following RH executives also sold shares on the following dates;

  • Keith Belling sold 4,500 shares on Dec. 9. Belling is an RH board member. 
  • Eri Chaya sold 17,000 shares on Dec. 9. Chaya is RH's president, chief creative and merchandising officer. 
  • Carlos Alberini sold 24,900 and 100 shares on Dec. 9. Alberini is an RH board member. 
  • David Stanchak sold 11,062 shares on Dec. 9 and on Dec. 10. Stanchak is RH's president, chief real estate and development officer. 
  • DeMonty Price sold 22,000 shares on Dec. 9. Price is RH's president, chief operating, service and values officer. 
  • Jack Preston sold 13,306 shares on Dec. 9. Preston is RH's chief financial officer. 

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Photo via Wikimedia. 

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