AKRON—As Myers Industries Inc. President and CEO John C. Orr prepares to retire at the end of the year, the company has established a Rule 10b5-1 trading plan as part of his personal financial planning strategy for asset diversification.
Akron-based Myers announced on July 23 that Orr will be retiring from his role as resident and chief executive, effective Dec. 31. Myers hired Orr in 2000 as part of its succession strategy and became president and CEO in 2005.
The company said the trading plan was established in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934 and the company's policies regarding insider sales. The rule permits directors, officers and other company insiders to adopt prearranged written plans for selling specified amounts of stock at times when they are not in possession of material, non-public information.
The pre-planned trades can then be executed through a broker at later dates without further action by the director, officer or other company insider, according to the firm, and without regard to any subsequent material non-public information that the individual may receive.
Transactions under this Rule 10b5-1 plan will be disclosed publicly through Form 4 filings as required by the SEC, the company said.
Myers manufactures polymer products for industrial, agricultural, automotive, commercial and consumer markets. Its Myers Tire Supply subsidiary is a wholesale distributor of tools, equipment and supplies for the tire, wheel and undervehicle service industry in the U.S.