Construction materials specialist James Hardie Industries SE (ASX: JHX) announced today its chief executive, Mr Louis Gries, sold 148,000 James Hardie shares on 9 December 2010.

The purpose of the sale is to finance the purchase of land and construction of a house, the company's statement said on Friday.

According to James Hardie, the sale is in compliance with the company's stock accumulation policy for the CEO and general management team set out in James Hardie's 2010 remuneration report.

James Hardie said "Since he became chief executive in February 2005, Mr Gries has not sold shares in the company, other than sales to cover the exercise price of options he has exercised and his tax obligations, which are payable at the time of equity vesting under US tax laws.

"The company's stock accumulation policy permits Mr Gries to sell a specified percentage of equity grants which vest in the future, depending on his shareholding in James Hardie.

"Mr Gries expects that he will make sales in compliance with the policy in the future.

Mr Gries continues to hold 407,756 James Hardie shares and 4,628,322 unexercised options and unvested restricted stock units (RSUs).