The block of 971,773 Equitable Group Inc. shares crossed by GMP Securities on March 1 represented the sale by Geoffrey Bledin, vice chairman, of substantially all of his shares.

Bledin retains his options on 125,000 shares which he intends to exercise, and remains an owner of $3 million of the company;s debenture debt.

As noted in recent reports by Equitable, Bledin assumed the position of vice chairman with the responsibility to assist in the transition of the leadership of the company to Andrew Moor, newly appointed president and CEO. This transition is expected to extend through the balance of this year.

“Geoffrey Bledin provided Equitable Group and Equitable Trust with wonderful leadership for a period of 17 years”, said Austin Beutel, chairman, in news release. “His decision to resign as president was part of his desire to phase out of operations in an orderly fashion. He remains available to Equitable to assist in such areas and for such services as may be required of him. His sale of shares is part of his personal financial planning, and was accomplished in one block to avoid the overhang and downward pressure on the share price which a series of sales, over several months, might have precipitated.

The directors of Equitable look forward to Andrew Moor’s leadership, and the seamless continuation of the company’s services in first mortgage financing and in deposit taking through its guaranteed investment certificates,” added Beutel.

Equitable Group Inc. provides first mortgage financing through its wholly-owned subsidiary, The Equitable Trust Company. It also offers Guaranteed Investment Certificates to depositors as a nationally licensed deposit-taking institution.