Dole’s Chairman Buys $43.7 Million in Stock

Dole Food Chairman and Chief Executive David Murdock bought $43.7 million worth of shares of the fresh-produce company before the World Trade Organization ruled that the European Union unfairly restricted bananas produced by U.S. companies.

Murdock, already Dole’s largest shareholder, bought 1.44 million shares for $28.75 to $31, according to filings with the Securities and Exchange Commission.

The purchases, which brought his holdings to 12.5 million shares, are his first in about a decade, according to Washington Service, which tracks insider investment activity.

The executive, who has headed the Westlake Village-based Dole for almost 14 years, bought the shares between March 9 and April 6, the day the WTO ruled that the U.S. could impose annual sanctions on European Union goods. The purchases mirrored those made by six executives at rival Chiquita Brands International Inc., whose banana sales have also been hurt by the EU’s import rules.

Dole shares have fallen dramatically since last summer. The stock has been pummeled by Hurricane Mitch, which destroyed about 10% of the world’s banana supply, and more recently when hopes were dashed that the EU would reach a settlement with the United States on the long-standing trade dispute.

David DeLorenzo, Dole’s president and chief operating officer, also purchased company shares. DeLorenzo bought 5,000 shares on March 22 at prices ranging between $29.63 and $29.69. He paid a total of about $148,400.