The founder and current chairman of CommScope Holding Co. sold more than $10.2 million in company stock during the past two trading days.
Frank Drendel, who founded the telecommunications equipment company in 1976, sold more than 280,000 shares in 10 transactions on Dec. 16 and Dec. 19 at prices ranging from $36.59 to $36.79.
According to the Dec. 20 filing with the Securities and Exchange Commission, Drendel still owns more than 2.3 million shares worth approximately $85 million.
Drendel has been chairman of the board since the company was acquired by private equity firm Carlyle Group Inc. in 2011 for $3.9 billion. CommScope has since gone public again, and Carlyle has sold its remaining stock in the company earlier this year.
Drendel was chairman and CEO from 1976 until the Carlyle acquisition. Drendel is a director of the National Cable & Telecommunications Association, the principal trade association of the cable industry in the United States, and was inducted into the Cable Television Hall of Fame in 2002.
CommScope’s shares closed Tuesday at $37.21, up 19 cents, or 0.51 percent.

