General Motors CEO Dan Akerson bought 25,000 shares of GM stock, according to a filing with the Securities and Exchange Commission.
The executive bought the shares at a price of $26.50 for a total purchase of $662,500. According to the filing, Akerson now owns 297,828 shares. A GM spokesman did not comment on the transaction.
Akerson’s acquisition came as GM shares have been falling in recent weeks. The stock closed at $27.11 on Friday, the last full day of trading. In mid-January, the shares topped $30 for several days, a month after the company agreed to spend $5.5 billion to buy 200 million shares back from the U.S. government.
However, shares have been sliding in recent weeks, as investors are still concerned about the grim outlook in Europe, where GM lost $1.8 billion in 2012. In August 2012, Akerson bought 25,000 shares, with analysts viewing the transaction as a gesture of faith in GM’s prospects during a tough summer for the stock. Akerson bought the shares at a price of $20.35.
For 2013, GM wants to pay its CEO $11.1 million in total compensation, an increase of more than 20 percent over 2012, according to a document presented to Congress.
Source: Detroit Free Press