Las Vegas Sands Corp. President Michael Leven plans to sell more than 1.75 million shares of company stock during 2011 as part of a pre-arranged stock trading plan.
In a filing with the Securities and Exchange Commission Wednesday, Las Vegas Sands said Leven, 73, the company’s president since March 2009, would sell the stock over time “as part of his individual long-term strategy for asset diversification, tax and family planning.”
If Leven completes the sale, he would retain unvested options to acquire more than 1.8 million shares of Las Vegas Sands stock.
In November Leven signed a new contract with Las Vegas Sands that extends his position with the company through November 2012.
Leven, a long-time hotel industry executive, has been a member of the company’s board of directors since 2004. He took over as president after Bill Weidner was fired following the public airing of conflicts between the company’s management team and Las Vegas Sands Chairman Sheldon Adelson.
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