CINCINNATI, June 13 /PRNewswire/ --
Chiquita Brands International, Inc. (NYSE: CQB) today announced that two of its executive officers have adopted a prearranged stock trading plan in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.
Rule 10b5-1 allows plans to be established that permit corporate executives to prearrange sales of company securities at a time when they are not aware of any material non-public information. Such plans typically involve a plan to sell shares over a set period of time. These pre-arranged planned trades will be executed at a specified later date, as set forth in the plan, without further action or oversight by the executive officer. A plan can provide for sales of stock on a particular date or at a particular price or a combination of both of these factors, along with others. The rules allow corporate executives to diversify their investment portfolios and avoid concerns about initializing stock transactions while possibly in possession of material non-public information.
Tanios Viviani, President, Global Innovation and Emerging Markets and Chief Marketing Officer, and Waheed Zaman, Senior Vice President, Product Supply Organization, have each adopted a plan under Rule 10b5-1, which is in accordance with the company's stock ownership guidelines and provides for the sale of portions of their holdings over time, as part of their financial planning for the benefit of their family. Shares sold pursuant to the plan will be disclosed publicly through Form 144 filings and Form 4 filings as required by the SEC.
With annual revenues of approximately US$4.7 billion, Chiquita Brands International, Inc. (NYSE: CQB) is a leading international marketer and distributor of high-quality fresh and value-added food products -- from energy-rich bananas and other fruits to nutritious blends of convenient green salads. The company's products and services are designed to win the hearts and smiles of the world's consumers by helping them enjoy healthy fresh foods. The company markets its products under the Chiquita(R) and Fresh Express(R) premium brands and other related trademarks. Chiquita employs approximately 24,000 people operating in more than 70 countries worldwide. For more information, please visit our web site at www.chiquita.com.
Web site: http://www.chiquita.com
