Chicago, Aug 20 - Dean Foods Co Chief Executive Gregg Engles is exercising options for about 1.55 million shares in the largest U.S. dairy company, Dean said.
The move will give Engles 5.6 million shares of Dean stock and vested options, representing a 3.6 percent stake in the company, Dean said.
The company does not expect the exercise to materially affect the number of diluted shares outstanding in 2008, Dean said.
Dean shares closed Monday at $24.73 on the New York Stock Exchange. The stock is down 4.4 percent this year, compared with a 13 percent decline in the Standard & Poor's 500 index.