The chief executive and chief financial officer of PurchasePro plan to increase their stakes in the struggling business-to-business software company. CEO Richard Clemmer plans to purchase 100,000 PurchasePro shares during the next two weeks, and CFO Mark Donachie plans to purchase $16,500 worth of PurchasePro stock, about 20,600 shares, by early next year, the company said Thursday. The executives are making the purchases to demonstrate their faith in the Las Vegas-based company, they said in a statement.
PurchasePro shares have plunged more than 90 percent since the beginning of the year, as the company has piled up losses on declining revenue and has seen its cash erode. Clemmer replaced Charles Johnson Jr. as CEO earlier this year after Johnson resigned.