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Steelcase heir sells off $5.8 million of company stock

Thursday 4 July 2013

William Crawford, whose grandfather co-founded Steelcase has sold nearly $5.8m worth of company stock in the past three months. Through his wife, Marilyn, Crawford sold 400,000 shares in April and June, according to documents filed by Steelcase with the Securities and Exchange Commission.
The stock was sold after Steelcase shares hit a 5-year high, crossing the $15 mark in early March. That same month, the stage was set for the transactions when Crawford converted 400,000 shares to Class A from Class B.
The shares represent a fraction of Crawford's stake in Steelcase.
A May 20 filing with the SEC shows Crawford owns 4.49 million shares of Class B stock, which is a 12.5 percent portion of Steelcase's Class B stock.
Crawford’s Class B shares are worth more than $66 million, at current trading prices.
Crawford, 69, is a longtime member of the Grand Rapids-headquartered office furniture giant’s board of directors.
He worked for the company for 34 years, and retired in 2000 as CEO of Steelcase Design Partnership and Attwood, a manufacturer of marine products and plastic parts.
Crawford is the grandson of Walter Idema who founded the company along with Peter M. Wege and David D. Hunting in 1912 as the Metal Office Furniture Company.
Steelcase reported sales of $2.75 billion in fiscal 2012. The company was privately held by the families of the three founders until 1998 when it was listed on the New York Stock Exchange under the symbol SCS. A majority of company shares are owned by the founding family members.

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