In a powerful declaration of confidence in Morrisons' capacity for rejuvenation, its CEO David Potts has doubled his stake in the chain by investing in just under £0.5 million in shares, Reuters reports.
The grocer revealed today (18 September) that Potts has purchased 314,881 new shares at 158.79 pence each. In addition, last week, Morrisons' chief financial officer Trevor Strain poured just shy of £100,000 into 58,453 shares. The portions of the company controlled by Potts and Strain now stand at 822,881 shares and 97,794 shares respectively.
Moody's has downgraded the chain following disappointing figures, which most recently resulted in the closure of 11 stores. The business is valued at £3.7 billion.
© 2015 European Supermarket Magazine – your source for the latest retail news. Article by Peter Donnelly. To subscribe to ESM: The European Supermarket Magazine, click here.
