NEW YORK (Associated Press) - The president and chief executive of credit card processor Mastercard Inc. exercised options for and sold 48,075 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing Monday.

In a Form 4 filed with the SEC, Robert W. Selander reported he exercised options for the shares Wednesday for $39 apiece and then sold all of them on the same day for $251.42 to $269.25 each.

The stock sale was conducted under a prearranged 10b5-1 trading plan, which allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material non-public information.

Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.

Mastercard is based in Purchase, N.Y.