As Lumen’s stock posted its biggest daily percentage decline in its history, the company’s CEO Kate Johnson acquired 1 million shares.
Specifically, on Thursday, Johnson bought the shares at an average price of 97 cents, paying $970,000, according to data from the US Securities and Exchange Commission.
A day earlier the stock fell 32.9% to 98 cents, setting a negative record. On the day Johnson bought the shares, the stock went as high as 78 cents intraday to close at $1.06, after closing at $1.12 on Friday.
After this transaction, Johnson now owns 5.1 million shares of Lumen. “Kate’s decision to purchase shares demonstrates her confidence in Lumen’s long-term potential and her commitment to our success,” a company spokesperson said.
Johnson took over as CEO of Lumen about a year ago and has been tasked with turning around the company, which provides networking, cloud storage and other services. Shares are down 81% over the past year and 91% over the past two years.