Founder of Zoopla to cash in and sell £11m of shares
Zoopla founder Alex Chesterman has lined up a £11m share sale windfall together with a long-term bonus deal worth up to £20m over four years after committing his future to the property website group.
Mr Chesterman's new pay arrangements were disclosed as the group's latest trading update showed it bouncing back from a sharp loss of customers to rivals. Shares in the FTSE 250 listed company rose 5%.
The chief executive has already made more than £70m from selling part of his stake in Zoopla when it floated on the stock market last summer.
This latest trading update revealed that Mr Chesterman had also been granted authority by chairman Mike Evans to sell 4.25m shares over coming months, worth about £11m at the current price "to settle personal tax and other liabilities". He will also be entitled to a new performance-based share plan to "incentivise and reward".
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