Palo Alto Networks CEO Sells $130M Stock After Record Pay

Palo Alto Networks Inc. Chief Executive Officer Mark McLaughlin, the fifth highest-paid executive in the U.S. last year, sold $130 million of shares after the company issued its biggest-ever stock grant to keep him on the job.

McLaughlin, 50, received $6.68 million in the fiscal year ended July 31, according to a filing Oct. 24. That’s a 90 percent drop from his 2015 pay package that mostly consisted of restricted stock to “satisfy our retention objectives” by topping up his holdings of unvested stock.

Over those two years, McLaughlin, has sold shares worth about $130 million, mostly by exercising and selling ...