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Dr. Michael Hartnett, with the triple title President, Chairman, and Chief Executive Officer of RBC Bearings Inc. (USA; NASDAQ: ROLL), sold off most of his share holdings in the company over the final trading days of 2006 and opening day of 2007.
The five transactions are logged via required insider trading reports [here] filed with the U.S. Securities and Exchange Commission (SEC).
Mr. Hartnett reported selling off 55,350 shares; or 56% of his total holdings:
Going into the last week of December, Dr. Hartnett reported owning 98,679 RBC shares; he now owns only 43,329.
Beginning in July 2007, Mr. Hartnett has more shares vesting and share restrictions lapsing, but all are essentially riskless, in the money at strike prices ranging from $0.40 to $2.20. Only the most recent award, vesting at over $22.00, carries any risk of going underwater.
eBearing spoke to an executive compensation consultant who said, "For personal tax and estate planning purposes, we often recommend selling shares in the final quarter of the calendar year. But it's something else again when the key man quietly unloads more than half his shares, at market, during the one week all of Wall Street is asleep out on Long Island. Heavy insider selling should invite tough questions, especially as regards the company's near-quarter performance expectations."
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| LR17x20X30.5 bearing | 17 | 20 | 30.5 |
| IR17X20X30.5 bearing | 17 | 20 | 30.5 |