Itasca, Ill.-based brokerage giant Arthur J. Gallagher & Co. announced a continuation of the plan, originally adopted May 10, 1988, to purchase shares of its common stock for re-issuance in connection with its employee equity programs. The repurchases will be made from time to time in compliance with the SEC’s Rule 10b-18.
The plan reauthorizes the repurchase of Gallagher common stock at such times and prices as the company may deem advantageous.
Chief Financial Officer Douglas K. Howell noted, however, that there was no commitment or obligation on the part of the company to purchase any particular amount of common stock and that the plan could be suspended at any time at the company’s discretion.
On April 30, 2003, the company had just over 90 million shares of its common stock outstanding.
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