Novakovic Phebe N., Chairman and CEO of General Dynamics (GD), has filed 36 Form 4 transactions across two companies, with a pronounced disposition bias. Her total open-market sales reached $69.3 million, entirely in GD stock, while she recorded zero open-market purchases. The most significant sell occurred on August 18, 2025, when she disposed of $37.2 million in GD shares, paired with option exercises worth $19.9 million—a classic exercise-and-sell pattern. Additional GD sales on March 11, 2026, totaled $11.7 million, and a March 5, 2025, sale added $8.6 million. These transactions were often accompanied by tax-withholding dispositions (code F), such as $7.6 million on March 4, 2026, and $5.3 million a year earlier, which are automatic and not discretionary.
Her activity in JPMorgan Chase (JPM) is entirely compensatory, reflecting her board role there. She received recurring equity awards (code A) on a quarterly schedule—$37,500 on June 30, 2025, September 30, 2025, and December 31, 2025, plus two $280,000 grants on January 20, 2026. These are grants, not purchases, and carry no cash outlay. The most recent five filings show no open-market buys, with the latest GD sale on March 11, 2026, and JPM awards through June 30, 2026.
The pattern is unambiguous: Novakovic is a consistent seller of GD stock, with $69.3 million in sales against zero buys, while her JPM holdings grow only through scheduled compensation. The GD sales cluster around vesting events, suggesting liquidity-driven dispositions rather than a directional bet. Her total acquired value of $1.09 million is entirely from option exercises and awards, reinforcing that her trading is structural—tied to compensation cycles—rather than opportunistic. No recent transactions indicate accumulation or conviction buying in either name.
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