( 25News Now ) - Former Caterpillar Chief Executive Officer Jim Umpleby sold close to $8 million in company stock a week ago, resulting in a multi-million-dollar payday for him.

A filing with the U.S. Securities and Exchange Commission shows Umpleby, now the executive chair of Caterpillar’s board of directors, sold 17,166 shares of common stock on Monday, Sept. 22. At a stock price of $462.65 per share, Umpleby earned $7.94 million.

He still owns 465,339 Caterpillar shares, according to the SEC filing.

Caterpillar’s stock price remains at lofty levels even though the company acknowledged in late August that it was taking a bigger hit from tariffs than earlier estimates.

Caterpillar’s most recent forecast has tariffs costing the company $1.5 billion to $1.8 billion this year, up f

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