The new CEO of McDonald’s, who previously owned zero shares in the firm, picked up 2,580 in his first week on the job. The total cost came to $500,000, and was made on the open market as a vote of confidence in the company. A director at the company also made a 1,300 share buy at $194,000.
Insider data for the past three years shows this is the first insider buy since 2017; all other insider activity has been sales.
Shares of McDonald’s fell following the ouster of its prior CEO for an inappropriate relationship. The fast food giant already saw shares sink from an all-time high earlier in the year of $221 into the $190 range, for a 13 percent drop from the peak.