FRANKFURT, Nov 9 (Reuters) - Max Conze, the chief executive of ailing German broadcaster ProSiebenSat.1, has bought 1 million euros ($1.13 million) of company stock after vowing to go “all in” with his own money to back an overhaul.
ProSieben issued a profit warning on Thursday, triggering a slew of broker downgrades and sending the stock sharply lower, bringing its total losses to more than 40 percent in the year to date.
Conze, who took the helm in June after having run UK appliance maker Dyson, also unveiled details of a turnaround plan to improve sales and profits over the next five years. He will present the plan to investors on Nov. 14.
He vowed to back his mission with his own money: “All in, as they say,” he told reporters on Thursday.
According to a company filing Conze bought shares at a price of 17.30 euros for a total consideration of 999,990.30 euros. The stock closed down 4.4 percent at 16.97 euros. ($1 = 0.8835 euros) (Reporting by Douglas Busvine; Editing by Elaine Hardcastle)