// Next CEO Simon Wolfson sells more than £10 million worth of shares
// Lord Wolfson sold 150,000 shares at £67.87 each
// Next saw a strong recovery in its share price since March
Next chief executive Simon Wolfson has sold over £10 million worth of shares in the fashion retailer, following a strong recovery in its share price since March.
Lord Wolfson sold 150,000 shares at £67.87 each, having made a similar disposal in 2019, which has enabled him to “spread his investments into other non-retail areas”.
Next said that the share sale pointed out that he retained a significant shareholding, worth more than £80 million at current prices, in the retailer.
READ MORE: Next seeks to bolster Laura Ashley with new partnership
The value of his holding is well above the three times basic salary stipulated in Next’s remuneration policy.
Next shares were down two per cent in early afternoon trading on Friday after the announcement.
Both the chain’s 500 UK stores and its online distribution warehouse were forced to close because of the four-week Covid-19 lockdown earlier this month.
In the three months to October 24, Next said overall sales were better than expected, up 2.8 per cent i compared with the same period a year ago.
It raised its full-year profit forecast after sales beat expectations in the third quarter, but warned on uncertainty affecting its trading in the fourth quarter.
Lord Wolfson is currently the longest-serving chief executive of any FTSE 100 company, having been appointed to Next in 2001.
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