Wesfarmers boss sells $9m in shares

Wesfarmers boss Rob Scott has pocketed more than $9 million after selling a significant portion of his directly held shareholding in the Western Australian conglomerate, citing tax obligations.

A statement on the ASX detailed that Mr Scott sold 174,383 shares in Wesfarmers valued at $9.04 million.

Of the shares sold, 76,219 were directly held shares and 98,164 were indirectly held shares through various trusts.

The stocks were sold at a trading price between $51.80 and $51.88 per share on Tuesday’s market.

The shares were offloaded “to fund Mr Scott’s tax obligations arising in relation to shares allocated to Mr Scott under the key executive equity performance plan”.

The chief executive has been left with 3,796 directly held shares.

Mr Scott still has thousands of indirectly held shares under various executive incentive schemes.

At market close, Wesfarmers shares traded at $51.65, down 0.19 per cent.