GE CEO Immelt buys $2.6 million in company stock

Tue Mar 4, 2014 10:52am EST

Jeff Immelt, Chairman and CEO of General Electric appears at a news conference announcing the Head Health Initiative along with the National Football League (NFL), in New York March 11, 2013. REUTERS/Mike Segar

Jeff Immelt, Chairman and CEO of General Electric appears at a news conference announcing the Head Health Initiative along with the National Football League (NFL), in New York March 11, 2013.

Credit: Reuters/Mike Segar

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(Reuters) - General Electric Co (GE.N) Chief Executive Officer Jeff Immelt purchased $2.6 million of the U.S. conglomerate's shares, according to a filing on Tuesday, following a rough start for the company's stock price in 2014.

Immelt, GE's leader since 2001, purchased 104,900 shares at $25.19 per share, according to the filing. Immelt had earlier this year purchased 40,000 shares, according to a January filing, for a total of $3.6 million in 2014 stock purchases.

"I am investing right alongside of you. I have invested my entire bonus in GE stock," Immelt said in a statement provided by the company from his forthcoming annual letter to shareholders. "Like the rest of our leaders, I believe in GE."

The company has not yet provided Immelt's compensation for 2013, which is expected to be revealed in its proxy filing later this year.

All told, Immelt holds 1.96 million of GE shares, according to the latest filing. The CEO is the largest insider stakeholder, according to Thomson Reuters data, though his stake trails far behind those of the large institutional holders of GE stock.

After a strong 2013, GE shares have declined 8.5 percent in 2014, underperforming those of industrial manufacturing rivals and the broader U.S. market.

GE's fourth-quarter earnings report in January disappointed investors, as the company's 2013 profit margins did not improve quite as much as the company had targeted.

Shares of GE rose 2.1 percent to $25.64 in morning trading on the New York Stock Exchange, outperforming an increase of 1.2 percent for the S&P 500 index .SPX.

(Reporting by Lewis Krauskopf; Editing by Bernadette Baum)

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