Kogan.com’s two most senior executives made $17.6 million selling options back to the company just three weeks before a profit downgrade pushed the share price so low that the transaction would not have been possible.
The options were issued to the online retailer’s founder and chief executive, Ruslan Kogan, and its chief financial officer, David Shafer, in 2020. This month, the company disclosed that it had struck a deal with the two executives, allowing them to sell the options back to the company for the difference between their strike price and the share price.
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Tom Richardson writes and comments on markets including equities, debt, crypto, software, banking, payments, and regulation. He worked in asset management at Bank of New York Mellon and is a member of the CFA Society of the UK as a holder of the Investment Management Certificate. Connect with Tom on Twitter. Email Tom at tom.richardson@afr.com
Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com
