Oakley Chairman to Buy More Shares

Oakley Inc. Chairman Jim Jannard said he’ll buy up to 1 million shares of the company’s stock, adding to the 3 million he’s bought this year, in a move to show confidence in the struggling eye-wear maker. The purchases would be valued at more than $9 million if made Friday. Oakley’s shares have fallen 34% since June 30. Earnings have declined in each of the three reported quarters this year because of production problems, shipping delays caused by the United Parcel Service strike and a slowdown in sales to Coral Gables, Fla.-based Sunglass Hut International Inc., the company’s largest customer. Jannard, who founded Oakley, held 35.7 million shares, or 50.6% of the company’s outstanding shares, in May 1997. Shares of the Foothill Ranch.-based company rose 25 cents to close at $9.63 on the New York Stock Exchange.