Report: GM's top executive bought big number of shares for IPO

General Motors Chairman Ed Whitacre and CEO Dan Akerson

General Motors’ top three executives increased their investment in the company once the stock hit the open market, picking up more shares under an employee program. The report comes from paperwork filed today with federal regulators.

GM CEO Daniel Akerson purchased 14,200 shares of common stock at $33.57 on the open market while Vice Chairman Stephen Grisky took 2,000 shares at $34.98 each. Former CEO and current Chairman Edward Whitacre Jr. purchased 14,600 shares at $34.27.

All three also purchased stock in the initial offering, each buying 800 shares under the employee program, which allowed employees, retirees and dealers to buy stock at $33 a share.

– By: Omar Rana

Source: Detroit News