Chairman of MillerKnoll Buys Stock Amidst Declining Performance

MillerKnoll, a leading furniture maker, has recently witnessed a significant dip in its stock performance this year. The company's CEO, Andi Owen, came under public scrutiny after encouraging employees to "leave Pity City" in an attempt to rally them. However, this statement was met with criticism on social media, with many attributing it to the flaws of capitalism. As a result, MillerKnoll's stock continued its downward trend.

MillerKnoll, which owns the renowned Herman Miller and Knoll brands, saw its chairman, Michael A. Volkema, make a notable move to bolster investor confidence. On May 3, Volkema purchased a large block of stock worth $1 million, acquiring 60,200 shares at an average price of $16.61 per share. With this transaction, Volkema now owns a total of 187,086 shares of MillerKnoll.

Volkema, who previously served as the CEO of Herman Miller from 1995 to 2004 before assuming the role of chairman in 2000, maintained his position when MillerKnoll was formed in July 2021 through the acquisition of Knoll by Herman Miller.

This latest stock purchase by Volkema comes as the first since the formation of the combined company. Previously, in July 2020, he bought 25,000 shares at an average price of $21.44 per share for a total of $536,000.

It is worth noting that the most recent insider purchase of MillerKnoll stock before Volkema's acquisition was made by CEO Owen in October 2022 when she purchased approximately $1 million worth of shares.

As part of our regular 'Inside Scoop' feature, we provide coverage on stock transactions made by corporate executives, board members, significant shareholders, politicians, and other prominent figures. These individuals, due to their insider status, are legally obliged to disclose their stock trades with regulatory bodies such as the Securities and Exchange Commission.