IBM CEO Ginni Rometty Buys About $3 Million in Company Stock
(Bloomberg) -- IBM Chief Executive Officer Ginni Rometty bought about $3 million in company shares, the latest move to shore up investor support for the $33 billion acquisition of Red Hat Inc.
Rometty purchased roughly $1 million in the open market and $2 million through an IBM retirement fund. The CEO now owns more than 314,000 IBM shares. Four board members and several other senior executives also bought stock, according to a regulatory filing.
IBM shares are down about 25 percent this year as the company struggles to grow revenue in its newer businesses. The stock has fallen 7.3 percent to $115.67 since the acquisition was announced Oct. 28.
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