General Electric's recently appointed chairman and CEO Larry Culp bought $2.2 million worth of company stock last week.
Culp bought 225,000 shares at an average price of $9.73 a share on Thursday, a day before the stock closed at the lowest price in nearly a decade, an SEC filing disclosed Monday. The purchase brings his total GE holdings to 416,000 shares. Culp bought 191,000 shares on July 24 at $13.04 a share while he served on GE's board, the filing said.
GE shares closed down 0.1 percent at $9.28 a share, falling past Friday's close by one cent. The stock had risen as much as 2.1 percent to $9.53 a share in midday trading.