Fleetwood Enterprises Inc. Chairman and CEO Glenn Kummer invested nearly $500,000 of his own money in Fleetwood during March despite the company’s major losses at its RV manufacturing and manufactured home retailing businesses.
Kummer, who will retire as CEO effective April 30, bought 50,000 Fleetwood shares between March 6 and March 15, paying $9.03 to $10.00 a share. Kummer’s investment totaled $497,660, according to the insiderSCORES.com news service.
Kummer, 66, who will remain as chairman after April 30, paid an average of $9.95 a share for the Fleetwood stock.
Fleetwood stock closed at $9.24 a share on Thursday (April 5).
Kummer’s purchases occurred after Fleetwood announced on March 1 that it lost $205 million during the November-through-January period and that its losses totaled $239.5 million for the nine-month period that ended Jan. 28.
Fleetwood Vice President/Finance Boyd Plowman also bought 5,000 Fleetwood shares during the first half of March, insiderSCORES.com reported.
Nelson Potter will replace Kummer as CEO on May 1. Potter, 57, will be Fleetwood’s president and CEO effective May 1.