Telus Corp. (TSX:T) CEO Darren Entwistle has bought up $10 million in shares in the company he heads in recent weeks, Telus reports.
In a press release, Telus notes Entwistle bought 395,843 common shares for $10 million, bringing his total ownership in Telus to more than 800,000 common shares.
The company’s stock value has been falling since April 24, when the company’s stock was trading at $28.80 per share.
It fell to $22.01 per share on Oct. 27, but has since come back up to around $24.25 per share.
“Investing significantly in Telus shares is consistent with Darren’s past practice of aligning his interests with those of Telus' close to 1.2 million shareholders,” the company said in a news release.
As the Canadian Press reported Friday, Telus has seen profits plunge, despite strong customer growth, as a result of a restructuring that resulted in major layoffs.
In early August, Telus announced it would be cutting 6,000 jobs due to issues around regulation and competition, including 4,000 at its main Telus business.
That restructuring took a big bite out of the company’s third-quarter profits, CP reported. Profits dropped 74 per cent year-over-year, despite record customer growth.
While the company expected the restructuring would cost the company $475 million, it expects to realize annual savings of $325 million.
