0.48%SPY 123.55 0.39%XLF 21.26 
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NEW YORK - The chairman and chief executive of Powell Industries Inc., which makes power distribution and control systems, sold 20,000 shares of common stock under a prearranged trading plan, according to Securities and Exchange Commission filings.
| POWL | 40.94 |  -0.65 |
In Form 4s filed with the SEC Thursday, Thomas W. Powell reported he sold the shares Wednesday and Thursday for $41 apiece.
The stock sale was conducted under a prearranged 10b5-1 trading plan which allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material non-public information.
Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.
Powell Industries is based in Houston.
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