Grand Canyon University execs net millions in stock sales

• Grand Canyon University's top executives cashed in stock options this week worth a net $5.6 million
• The sales came a week after officials announced a proposed move to a non-profit organization failed
• The president/CEO netted almost $3 million

A week after Grand Canyon University said its efforts to convert to a non-profit school were scuttled, top executives with the for-profit company sold stock options that netted them a combined $5.6 million, records show.

A spokesman for Phoenix-based Grand Canyon Education said the sales were not related to the non-profit decision and said the moves were intended to use the options before they expired. The options were granted in November 2013 and were set to expire in November 2018.

The company's finances and academic operations have been under a microscope since Brian Mueller, the CEO and president of the university, said in October 2014 he wanted to revert back to non-profit status. That deal officially fell apart last week after Mueller announced that the Higher Learning Commission, the accrediting organization, rejected GCU's proposal.

On Friday, Grand Canyon notified investors that Mueller and four other executives sold some of their stock holdings in the company.

Mueller sold 100,000 shares for a net just under $3 million. The others sold more than 82,000 shares for a net $2.6 million.

Mueller and the others have hundreds of thousands more shares of the company's stock as well.

The company's stock finished regular trading at $41.92 Friday, up slightly in the week since the non-profit deal collapsed.

Grand Canyon University: Accreditor blocks conversion to non-profit