The departing president and chief operating officer of Quintiles recently sold about $9 million of the company’s stock.
John Ratliff, whose resignation from the world’s largest pharmaceutical services company takes effect at the end of December, reported the Nov. 18 sale in a filing with the Securities and Exchange Commission. Ratliff sold 212,140 shares for $42.55 each.
Ratliff also exercised some of his stock options to buy additional shares — 75,000 shares at the exercise price of $6.61 each and 40,000 shares at $5.76.
“Similar to many companies, Quintiles has various incentive plans for eligible employees that include stock ownership, stock options, etc.,” Quintiles spokesman Phil Bridges said in an email. “The company recognizes that investment decisions are personal and can be made for many reasons. It is not appropriate for the company to comment on individual trades of Quintiles stock.”
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Durham-based Quintiles, which went public in May, announced in October that Ratliff had decided to resign for personal reasons. Ratliff joined Quintiles as chief financial officer in 2004 and was named COO in 2006. He was named president in August 2010. Ratliff also has been a member of Quintiles’ board of directors since 2006; he’s retiring from that role as well.
Quintiles reported in an SEC filing before the company’s IPO that Ratliff's employment contract was amended to include a clause that called for him to receive severance pay “if he retires, elects not to renew his employment agreement or otherwise voluntarily departs from our company.”
Quintiles shares closed Thursday at $43.25, up 37 cents. The company went public at $40 a share.