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General Motors CEO Mary Barra Sells $26 Million in Company Stock Amid Recall Concerns
General Motors CEO Mary Barra Sells $26 Million in Company Stock Amid Recall Concerns
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BTCCSquare news:
General Motors CEO Mary Barra divested 372,024 shares on August 28, netting $21.67 million at current prices. The sale represents 40% of her GM holdings, leaving her with 552,238 shares valued at $32.36 million. This transaction follows a 10% year-to-date stock gain offset by recent recalls of 23,500 Corvettes due to fire risks.
Insider selling has been persistent at GM, with SEC filings revealing 10 open-market disposals by executives over six months. Barra alone has sold four times during this period, totaling $57.93 million in proceeds. Other executives including Chief Administrative Officer Chris Hatto and EVP Rory Harvey have offloaded $2.89 million and $1.27 million respectively.
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