Sen. Kelly Loeffler had pledged that she and her husband Jeffrey Sprecher would sell all the shares they owned in individual companies. They still both own stock in Intercontinental Exchange, the company that Sprecher heads and Loeffler’s former employer.
Photograph by MANDEL NGAN/AFP via Getty ImagesSen. Kelly Loeffler had pledged in an April opinion article published in The Wall Street Journal that she and her husband would sell all the individual stocks they owned and to move into exchange-traded funds and mutual funds. It appears that Loeffler and her husband, Jeffrey Sprecher, have mostly done so, although they both continue to own stock in the company that Sprecher heads. Regulations don’t require her or her husband to sell all or any of their stock.
Loeffler, a Republican representing Georgia, had been facing criticism that alleged she had sold stock to avoid the market meltdown after receiving confidential briefings about the coronavirus earlier this year. She had characterized the criticism as “baseless attacks from political adversaries and the media.”
Loeffler disclosed her April stock sales in a form she filed May 1 to the secretary of the Senate. She reported sales valued in the range from $811,013 to $2,065,000 of stock in her personal accounts. Specific values aren’t required for disclosure, only ranges. Loeffler’s largest sales included investments in Target (ticker: TGT), Bristol-Myers Squibb (BMY), and Kraft Heinz (KHZ), each of which were in the range from $100,001 to $250,000.
Loeffler also disclosed millions of dollars of transactions in accounts belonging to Sprecher and joint accounts. These transactions included buying stock options transactions to terminate existing options positions.
According to her New Filer Report, also filed on May 1, she and Sprecher continue to own shares of Intercontinental Exchange (ICE), which Sprecher serves as chairman and CEO and where Loeffler worked from September 2002 until December 2019. Sprecher is also chairman of the New York Stock Exchange, which is owned by Intercontinental.
Sprecher’s latest Statement of Changes in Beneficial Ownership filed to the Securities and Exchange Commission show that as of March 11, he owned the equivalent of 1,458,768 Intercontinental shares, consisting of 1,378,502 shares and 80,266 unvested performance-based restricted stock units. Loeffler owned 108,245 Intercontinental shares, according to the SEC filing. A late February SEC filing by Sprecher shows he owns options for at least 35,387 Intercontinental shares, and owns an additional 3,571,705 shares through Continental Power Exchange, or CPEX, an Intercontinental predecessor company that Sprecher fully owns.
While senators have 30 days to file financial transactions made by them, their spouses, and dependent children, executives of publicly traded companies have two days to report trades in their own company’s stock to the SEC.
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Loeffler’s office didn’t respond to a request for comment on the stock trades.
In response to a request for comment on Loeffler’s and Sprecher’s ownership of Intercontinental stock, Intercontinental said that “Loeffler played an essential role at every stage of the company’s growth and in building it into a global leader in trading, markets and data.”
Intercontinental added, “We admire Kelly’s decision to serve her country in the U.S. Senate and did not want to, in effect, penalize that decision by forcing her to forfeit the entirety of what she worked so long and hard to earn, and which would have vested to her in the near term.
“By consulting with independent third parties, being transparent with our disclosures and recognizing the value Kelly helped create, we upheld our principles and allowed her to vest a portion of her awards, which is also a common practice at other companies,” the company said.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at edward.lin@barrons.com and follow @BarronsEdLin.
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Sen. Kelly Loeffler Has Sold Nearly All Her Stock. Here’s What She Still Owns. - Barron's
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