March 4 General Electric Co 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
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
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.