P&G CEO Sells $5.71 Million of Stock. His Direct Share Count Stays Flat. (NYSE: PG)

What happened

Procter & Gamble Co. (NYSE: PG) CEO Shailesh Jejurikar sold about $5.71 million of stock without reducing his existing direct common-share count. An equal-sized option exercise supplied the shares he sold.

Jejurikar exercised options for 35,000 shares at $78.52 each on October 23, then sold 35,000 shares at a weighted average $163.0871. The transactions were reported in an SEC Form 4 filed October 26.

His direct holding ended at about 55,391 shares, matching its level before the exercise. His remaining options declined, so an unchanged common-share count does not mean his overall equity exposure stayed unchanged.

Key numbers

Metric	Latest	Change	Source
Shares exercised and then sold	35,000 shares		SEC Form 4
Exercise price per share	$78.52		SEC Form 4
Weighted average sale price	$163.0871		SEC Form 4
Direct shares before exercise and after sale	55,390.9973 shares	No net change across both transactions	Calculated from SEC Form 4
Gross sale proceeds less exercise cost	about $2.96 million before taxes and transaction costs		Calculated from SEC Form 4

Read more: Procter & Gamble (PG) stock analysis and investment case

Why it matters

The sequence explains why a sale percentage can mislead. The exercise first increased the direct balance to about 90,391 shares. The sale then brought it back to about 55,391.

Dividing the shares sold by that temporary, post-exercise balance produces 38.7%. That figure does not measure a reduction from his direct holding before the day's transactions.

The option exercise cost $2,748,200 at the reported price. The sale produced approximately $5,708,049, leaving a spread of about $2.96 million before taxes and transaction costs.

That spread is not the same as take-home proceeds. The filing does not provide the tax bill or transaction costs needed to calculate that amount.

Jejurikar retained 70,170 options from the reported grant, with a $78.52 exercise price and a February 28, 2028 expiration. The form also reports separate indirect holdings through trusts and a retirement-plan trustee.

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What's next

Later filings can show whether another sale is paired with an exercise or reduces the existing direct holding. The comparison needs both transactions, plus any changes in options and indirect ownership.

The current filing documents an exercise and sale. It does not disclose a reason for the decision or forecast the company's operating performance.

Correction, October 26, 2026: The earlier headline emphasized a 38.7% sale using the balance after an option exercise. The complete exercise-and-sale sequence left the direct common-share count unchanged. Options held declined.

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