CHICAGO, Sept. 5, 2013 /PRNewswire/ -- John Bean Technologies Corporation (NYSE: JBT), a leading global technology solutions provider to the food processing and air transportation industries, today announced that Rule 10b5-1 trading plans have been established for Charles H. Cannon, Jr., its Chairman, Chief Executive Officer and President, and Ronald D. Mambu, its Chief Financial Officer, as part of their personal financial planning strategies for asset diversification.
As announced on August 26, 2013, Mr. Cannon will be retiring from his roles as President and Chief Executive Officer, while continuing to serve in the role of Executive Chairman, effective September 9, 2013, and Mr. Mambu intends to retire upon the identification of his successor.
The 10b5-1 plans will cover the sale of 298,196 and 147,498 common shares of JBT Corporation under Mr. Cannon's and Mr. Mambu's 10b5-1 plans, respectively. The shares to be sold under Mr. Cannon's 10b5-1 plans consist of shares held directly by Mr. Cannon and a family trust, and shares that Mr. Cannon has the right to acquire pursuant to awards previously granted to Mr. Cannon under the Company's equity compensation program. The shares to be sold under Mr. Mambu's 10b5-1 plan consist of directly held shares acquired pursuant to awards previously granted to Mr. Mambu under the Company's equity compensation program. The maximum number of shares that may be sold under the 10b5-1 plans constitute approximately 47% of Mr.
Cannon's total holdings of JBT Corporation common stock and 65% of Mr. Mambu's total holdings of JBT Corporation common stock, including shares each has a right to acquire under awards previously granted under the Company's equity compensation program. Trading under these 10b5-1 plans will commence no sooner than November 1, 2013 and will end on June 1, 2014.
The trading plans were established in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934 and Company policies regarding transactions in the Company's securities. Rule 10b5-1 permits corporate insiders to adopt prearranged written plans for selling specified amounts of stock. Insiders may adopt such plans when they are not in possession of material non-public information. Once a plan is established, the insider retains no discretion over sales under the plan, and the pre-planned trades can be executed through a broker at later dates without regard to any subsequent material non-public information that the insider may receive. Transactions under these 10b5-1 plans will be disclosed publicly through Form 4 filings as required by the SEC.
JBT Corporation (NYSE: JBT) is a leading global technology solutions provider to the food processing and air transportation industries. JBT Corporation designs, manufactures, tests and services technologically sophisticated systems and products for regional and multi-national industrial food processing customers through its JBT FoodTech segment and for domestic and international air transportation customers through its JBT AeroTech segment. JBT Corporation employs approximately 3,200 people worldwide and operates sales, service, manufacturing and sourcing operations located in over 25 countries. For more information, please visit www.jbtcorporation.com.
SOURCE John Bean Technologies Corporation