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General Electric CEO John Flannery discloses personal purchase of 60,000 shares

Tae Kim

The leader of embattled General Electric

(NYSE: GE)

is stepping up and buying the company's shares with his own personal funds.

General Electric Chairman and CEO John Flannery

disclosed

he purchased 60,000 GE shares at a stock price of $18.27 on Wednesday in a government securities filing. The transaction is worth nearly $1.1 million.

Shares of General Electric initially rose before closing down 0.2 percent Friday.

Flannery's insider buy transaction may be a vote of confidence for the industrial company. GE shares

plunged

after the company's dividend cut announcement and the unveiling of its turnaround plan during its Nov. 13 investor day.

"The GE of the future is going to be a more focused industrial company," Flannery

said

during his presentation at the company's investor day. "It will leverage a lot of game-changing capabilities."

General Electric stock is significantly underperforming the market this year. Its shares have declined 42 percent year to date through Thursday versus the S&P 500's 15.5 percent return.This story is developing. Please check back for updates.

The leader of embattled General Electric

(NYSE: GE)

is stepping up and buying the company's shares with his own personal funds.

General Electric Chairman and CEO John Flannery

disclosed

he purchased 60,000 GE shares at a stock price of $18.27 on Wednesday in a government securities filing. The transaction is worth nearly $1.1 million.

Shares of General Electric initially rose before closing down 0.2 percent Friday.

Flannery's insider buy transaction may be a vote of confidence for the industrial company. GE shares

plunged

after the company's dividend cut announcement and the unveiling of its turnaround plan during its Nov. 13 investor day.

"The GE of the future is going to be a more focused industrial company," Flannery

said

during his presentation at the company's investor day. "It will leverage a lot of game-changing capabilities."

General Electric stock is significantly underperforming the market this year. Its shares have declined 42 percent year to date through Thursday versus the S&P 500's 15.5 percent return.

This story is developing. Please check back for updates.



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