WASHINGTON, Sept 20 (Reuters) - Auto dealer Lithia Motors Inc. said on Friday that Chairman and Chief Executive Officer Sidney DeBoer plans to sell 156,000 common shares for family estate planning purposes.
The shares represent less than 4 percent of his total holdings in the Medford, Oregon-based company, according to a filing with the Securities and Exchange Commission.
DeBoer has entered into a planned sales program that will be administered by Morgan Stanley under which the DeBoer Family LLC will sell 3,000 class A common shares each week for the next 12 months at market prices subject to a preset minimum price, the SEC filing added.
Lithia shares closed on Thursday at $18.32 on the New York Stock Exchange.