Siebel chair to sell up to 10 million shares

Siebel Systems Chairman Tom Siebel has agreed to a stock trading plan that allows him to sell 10 million shares of the software company over an 18-month period starting in February. Siebel adopted the plan to diversify his investment portfolio, according to a company press release.

If Siebel sells all 10 million shares, he will still own about 45 million shares and vested options, leaving him with about a 9 percent stake in the company. The chairman stepped down as chief executive of the firm in May during a difficult period marked by controversy and falling revenue.