Following a dramatic fall in stock values worldwide, several of Chiquita's senior directors have shown their faith in the group by buying up shares in the group.
Fernando Aguirre, chief executive officer of Chiquita Brands International, has spent US$1.16m on purchasing 133,000 shares in the company (at US$8.75 per share) during the past week, no doubt prompted by the dramatic decline in stock values worldwide, repots Fruitnet.com.
His colleague Brian Kocher, who heads up Chiquita Europe, has also taken similar action although on a significantly smaller scale, securing a total of 672 shares at US$10.96 per share on 3 August, followed by a further 170 shares at US$8.54 each four days later.
As reported widely, a number of chief executives and senior directors at major companies across North America, including Chiquita, Morgan Stanley, General Motors and the holding company of United Airlines and Continental, have been buying up shares in the enterprises they run on a scale apparently not seen since March 2009.
"Heavy insider purchases often portend a vigorous market rally," commented Bernard Simon of the Financial Times. "Given their knowledge of their own companies, executives can spot valuation anomalies in the market."
As reported on the Yahoo! Finance website, since 5 August 2011 the following members of Chiquita's senior management have also purchased shares in the group:
Waheed Zaman - 477 shares at US$8.56 per share; 538 shares at US$10.83 per share.
Manuel Rodriguez - 110 shares at US$8.54 per share; 504 at US$10.96 per share.
James Thompson - 596 shares at US$8.54 per share; 504 shares at US$10.96 per share.
Joseph Huston - 3,400 shares at US$8.49-US$8.54 per share.
Lori Ritchey - 201 shares at US$10.95 per share.
Michael Burness - 286 shares at US$10.95 per share.
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