Time Warner CEO sells shares

The president and chief executive of Time Warner Telecom sold 28,357 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing quoted by an Associated Press report.

The Associated Press report said Larissa Herda reported she sold the shares for $17.35 to $17.78 apiece.

The stock sale was conducted under a prearranged 10b5-1 trading plan which allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material non-public information, the report said.

Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction, it added.