CEO Zetsche buys Daimler shares for $1.5 million

CEO Zetsche buys Daimler shares for $1.5 million, company says meant as signal of confidence

BERLIN (AP) -- Daimler AG's chief executive, Dieter Zetsche, has bought shares in the automaker for some 1.15 million euros ($1.5 million) in what the company says is intended as a signal of confidence in its future.

Daimler said Friday that Zetsche has bought 22,000 shares in the company using proceeds from exercising stock options that date back to 2004.

The company's full second-quarter earnings report is due on July 24. Daimler spokesman Joerg Howe said in a statement that Zetsche's share purchase is meant to underscore "his confidence in a sustained and positive development for Daimler" and send a signal to other shareholders.

Daimler shares were 0.3 percent higher at 53.51 euros in Frankfurt trading after the announcement.