GM Executives Bought Stock at Initial Price

{img}Ten GM directors and ten executives bought shares for $33 each, the initial offering price, according to documents filed Wednesday with federal regulators.

General Motors Co. gave about 600,000 employees and retirees in the United States and Canada the chance to buy stock in the company’s initial public offering at the IPO price. Directed share programs are a common way for employees to buy stock from their employers.

GM Chairman and ex CEO Edward Whitacre Jr. bought 800 shares under an employee program which allowed GM workers, retirees and dealers to buy stock at $33 a share. Subsequently, he purchased an additional 14,600 shares at $34.27. CEO Dan Ackerson, who will be Whitacre's successor as chairman, also bought 800 shares at $33 each and another 14,200 at $33.57 per share.

Vice Chairman Stephen Girsky bought 800 share at the initial offering price and an additional 2,500 shares for $34,98.

Other directors acquiring 800 shares at $33 each were David Bonderman, Carol Stephenson, Erroll Davis Jr., Kathryn Marinello, Neville Isdell, Patricia Russo and Cynthia Telles. No documents were filed for directors Philip Laskawy or Robert Krebs.

The following executives also bought 800 shares at $33 each: Vice Chairman and Chief Financial Officer Chris Liddell, Vice Chairman Tom Stephens, and Vice Presidents Selim Bingol and Mary Barra.

Michael Millikin, vice president and general counsel, only bought 300 shares, and Mark Reuss, president of North American operations, bought 200. Terry Kline, vice president and chief information officer, bought 150 shares.

GM shares were priced at $33.48 on Wednesday, up 23 cents from the opening price.
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