CNN/Money One for credit card only hard offer form at $9.95 One for risk-free form at $14.95 w/ $9.95 upsell  
CNNMoney.com
News > Technology
graphic
Firm cashes out 1.2M Google shares
Executive search firm Heidrick & Struggles sells shares for profit of $129M a month after IPO.
September 17, 2004: 8:55 AM EDT

NEW YORK (CNN/Money) - Executive search firm Heidrick & Struggles and some of its top executives have sold all 1.2 million shares of Google they bought for 30 cents a share less than a month ago, splitting profits of $128.8 million from the sale.

YOUR E-MAIL ALERTS
Google Inc.
IPOs
Corporate Finance
Fringe Benefits

The firm received the right to buy the shares at that 30-cent price as part of a recruiting job it did for search engine Google in 2001. It sold the shares this week for an average price of $108.22, less expenses.

Heidrick & Struggles (HSII: Research, Estimates) said 55 percent of the net proceeds of the sale is payable to its consultants involved with the search, according to a statement filed Friday with the Securities and Exchange Commission.

Current Heidrick & Struggles CEO Thomas Friel, one of the consultants who worked on that 2001 search, will receive 25 percent of the consultant team's share, though he's chosen to defer receipt of his share of the net proceeds under an existing deferred compensation plan.

Google had its initial public offering Aug. 19 with a offering price of $85 and a first-day gain of 18 percent.  Top of page

-- Reuters contributed to this story.



  More on TECHNOLOGY
Big tech: A shelter in the storm
7 cool Bluetooth gadgets
Yahoo in faceoff with Icahn
  TODAY'S TOP STORIES
U.S. to suspend oil reserve shipments
Stocks recover poise after slipping
Week 3 of rebates: $13.5 billion sent out




graphic graphic

© 2008 Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy
Copyright © 2008 BigCharts.com Inc. All rights reserved. Please see our Terms of Use.
MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc.
Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. All Times are ET.
Intraday data provided by ComStock, an Interactive Data Company and subject to the Terms of Use.
Historical, current end-of-day data, and splits data provided by FT Interactive Data.
Fundamental data provided by Hemscott.
SEC Filings data provided by Edgar Online Inc..
Earnings data provided by FactSet CallStreet, LLC.
* : Time reflects local markets trading time.† - Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges.• Disclaimer