WASHINGTON — Transportation Secretary Elaine Chao has sold her shares in a paving-materials supplier after a Wall Street Journal report that she hadn’t fulfilled a pledge to relinquish the shares, agency documents show.
Chao, who is married to Senate Majority Leader Mitch McConnell, R-Ky., sold her shares in Vulcan Materials Co. VMC, +1.09% on June 3, according to documents submitted to the Office of Government Ethics.
On May 28, the Journal reported Chao hadn’t yet fulfilled her 2017 pledge to take a cash payout by April 2018 for the deferred share units she earned while serving on the Vulcan board of directors. Vulcan shares rose more than 16% from April 2018 through June 3, netting Chao a gain of more than $50,000, market data shows.
Information from Chao’s updated personal financial filing for 2018, which was expected to be filed this week and was reviewed by The Wall Street Journal, reports that she sold her shares in Vulcan and in another company, Ingersoll Rand PLC IR, +0.30% .
An expanded version of this report appears on WSJ.com.
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