Ultra Electronics chief executive Douglas Caster has generated £5.85m from the sale of just over two-fifths of his shareholding in the defence electronics supplier.
He states in the announcement that the sale was for "family and tax planning reasons".
Caster has also transferred his remaining 635,555 shares into the name of his wife Elizabeth Caster.
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Caster started his career at Racal Electronics and he has subsequently worked for Schlumberger and Dowty. He joined Dowty in 1988 and became managing director of its sonar and communications systems business in 1992. He was involved the management buyout that formed Ultra in 1993 and became chief executive in April 2005.
Chairman, and former chief executive, Julian Blogh will retire in April 2011 and Caster will also retire as chief executive and take over as chairman. Rakesh Sharma becomes chief operating officer at the beginning of 2010.
Ultra's interim management statement in November said that revenue continues to grow. The order book covers 60% of expected revenues for the next 12 months.
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