WiseTech Global (ASX:WTC) CEO Zubin Appoo has demonstrated confidence in the logistics software provider by acquiring $1 million worth of stock, further increasing a stake he first began building during his initial tenure at the firm between 2004 and 2018.
Returning to the business last year to succeed founder Richard White, Appoo purchased 20,000 shares on Feb. 26.
The transaction took place immediately following WiseTech’s announcement of a major restructuring plan, which aims to reduce its workforce by one-third over the next two years.
Following the latest purchase, Appoo now holds 102,160 shares valued at just over $5 million at the current share price, in addition to 6,289 unvested shares granted under the company's employee incentive program.
The trade, executed after the company's most recent blackout period concluded, is expected to settle on March 2.
The purchase comes amid turbulent times for the company, with shares down more than 50% over the last six months as investors voice concerns that artificial intelligence could disrupt WiseTech's established business model.
At the time of reporting, WiseTech Global's share price was $47.94.