GM’s Vice Chairman Bob Lutz has increased his holding in the company by 20 percent. Lutz spent $1.1 million, excercising stock options last year that allowed him to buy 53,336 shares of GM at $20.90 each. Based on a share price of $31.50, the shares are worth almost $1.7 million.
“The company is obviously encouraged by Bob Lutz”s purchase of stock,” GM Spokeswoman, Julie Gibson, told Detroit Free Press. “We think it shows confidence in our turnaround.”
According to US Securities and Exchange Commission, Lutz also sold 5,502 of the shares at $31.50 for a total of $173,313. Lutz increased his holdings by 47,834 shares to about 281,000 shares of GM stock.
Source: Detroit Free Press
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