Yahoo Director Sells 2 Million Shares

Tim Koogle, the former chief executive of Yahoo Inc., made $31.9million exercising stock options in late November.

Koogle, who stepped down from the post when Terry Semel took over last May but remains a director, bought 2million shares for a fraction of a cent each and sold them for $15.51 to $15.64 a share, according to Thomson Financial/First Call.

Around the same time, Yahoo co-founder Jerry Yang sold 350,000 shares for $5.5 million. Yang still holds more than 44 million Yahoo shares, according to Thomson Financial/First Call.

Yahoo stock fell $1.15 a share, or nearly 6%, to close at $19.01 on Nasdaq. Yahoo is scheduled to report its fourth-quarter earnings Wednesday afternoon.