Georgia Gulf President and Chief Executive Officer Paul Carrico has gifted 26 percent of his holdings in the Atlanta-based chemical company to a spousal trust fund, the company announced recently.
The 95,000 shares are from Carrico’s personal account and will be gifted to an irrevocable spousal lifetime access trust, the company said in a statement. The transaction is not a sale of stock by Carrico or the family trust, the company said.
A spousal lifetime access trust allows spouses to take advantage of gift-tax exemptions and also retain access to the trust in financial emergencies.
Company spokesman Alan Chapple said Carrico’s total direct holdings in Georgia Gulf stand at 270,216 shares and his total indirect holdings stand at 95,044 shares, which also include shares in a 401(k). The holdings represent about 1 percent of Georgia Gulf’s outstanding common stock, Chapple said.
Georgia Gulf’s largest sharesholders are JP Morgan and Blackstone, which hold about 12 percent and 10 percent of the company’s stock, respectively.
In trading Wednesday, Georgia Gulf’s shares rose nearly 3 percent on the New York Stock Exchange, closing at $42.44, up $1.16.
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