Lutz increases his holding in GM by 20 percent

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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