John Bowlin, the CEO and president of beer giant Miller Brewing Co has sold more than US$10.2m worth of his shares in Miller's parent company, Philip Morris Cos. Inc., the cigarette, food and beer giant has reported.

Bowlin recently sold 186,940 Philip Morris shares with a total value of US$10.2m, according to a document filed with the US Securities and Exchange Commission late on Friday.

According to a company spokesman, Bowlin exercised a small portion of his options to finance the purchase of a vacation home. "He continues to own a substantial number of shares in the company," the spokesman said. The spokesman was not immediately able to comment on Bowlin's stake in Philip Morris, which has more than 2.1 billion shares outstanding.