Juniper's Dolce: Ka-Ching!
It's evident that departing Juniper Networks Inc. (NYSE: JNPR) executive VP Jim Dolce was living La Dolce Vita in 2005, selling millions of dollars of Juniper's shares right up until a few months before his exit, SEC filings show. (See Dolce & Others out at Juniper)
A tally of Dolce's stock activity shows that the executive garnered $20.2 million in proceeds from selling his Juniper shares in 2005. He spent a total of $5.65 million in 2005 exercising shares, giving him a net profit of about $14.5 million, before taxes.
It's not the first year that the former Unisphere Networks CEO has cashed in. Dolce, who came to Juniper via its acquisition of Unisphere in 2002, also sold about $20 million worth of stock in 2004.
It also doesn't mean Dolce's out of stock. After he sold shares last October, he had options on 919,233 shares left, according to filings -- with a potential market price of about $20 million at Juniper's current prices.
Juniper shares had slipped $0.16 (0.72%) to $22.09 in early afternoon trading on Wednesday.
Given the flurry of selling in 2005 -- and especially the bunch of sales in October 2005 -- did Dolce think he might be leaving? We put that question to Juniper:
"Executives have limited windows when they are permitted to trade Juniper stock. Therefore, our executives, including Jim, try to establish consistent trading patterns and sell when they have to opportunity to do so," explains Susan Ursch, Juniper spokeswoman.
Dolce's salary and bonuses in 2004 totaled more than $560,000, making him the fourth highest paid executive at the company that year. He first came to Juniper as part of the company's acquisition of Unisphere Networks. (See Unisphere Appoints Jim Dolce as President and Juniper Nabs Unisphere for $740M.)
— Phil Harvey, News Editor, Light Reading