NEW YORK -- Paul Fireman, chief executive officer and chairman at Reebok International Ltd., and his wife, Phyllis, plan to sell 1.5 million Reebok shares each in a secondary stock offering.

At current prices, each would realize about $50 million from the sales.

Reebok stock, traded on the New York Stock Exchange, closed Tuesday at 33 3/4, up 1/4. Subject to the approval of a special board committee, Reebok said it intends to purchase 1 million shares from the Firemans in addition to the offering. Reebok announced a stock buyback program last year.

After the sales, Paul Fireman will hold 9.3 percent of the company's stock while Phyllis Fireman will hold 7.3 percent.

CS First Boston and Kidder Peabody & Co. will underwrite the offering.

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