Is it just me, or is it unseemly for a CEO who has very recently had his contract extended despite presiding over a massive desruction of shareholder weaalth, to be selling large volumes of shares he didn't have to pay for on market, just when the stock is finally trying to rally a bit?
I just find it extremely disappointing that at such a fragile moment in Myer's history, when confidence in retail is low and the stock needs every friend it can get, that the highly paid CEO would cynically dump a big fat wad of shares into the rally and then have it announced to the market without even a pretence at explanation.
What kind of signal does this send to the market?
If Myer's recovery now stalls or reverses, I for one will be absolutely livid.
I don't claim to know anything about Mr Brookes' personal financial position; maybe he intends to plonk a few million on some good thing in the Melbourne Cup, but with the kind of cash he earns I find it hard to stomach that he would choose such an historically bad time to be selling big lines of stock.
Am I alone in feeling this way?
Me angry and disillusioned!
MYR Price at posting:
$2.63 Sentiment: None Disclosure: Held
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