PC Connection co-founders sell 600,000 shares in company
PC Connection's co-founders together have sold 600,000 shares of the company's stock back to the firm, for more than $3 million each. But the number of shares is a relatively small portion of their total holdings.
Patricia Gallup and David Hall, who co-founded PC Connection in 1982, sold back the shares Monday, at $10.58 a share, for a total of $6,356,800 between them.
The Merrimack-based company's audit committee said it was in the "best interests of the company" to buy back the shares.
But 300,000 shares apiece is a small fraction of each of their holdings. As of February, Gallup owned almost 8.7 million shares, just under a third of the company, and Hall owned 8.3 million shares, or 31.4 percent of the company, according to the last proxy filed with the U.S. Securities and Exchange Commission.
Gallup, 58, is the technology mail order company's chair and chief administrative officer. She was also the company's CEO from 2002 to 2011 and from 1990 to 2001, and has served on the board and as an executive officer since its inception.
Hall, 62, has also been on the board since 1982 and was an executive until 1997. He has since served as an analyst.