Yesterday, Harvey Norman shares fell almost 10%, since February when the Company announced increased profits without explaining how much consumer electronics and appliances had contributed to the Companies earnings, their share value has fallen 16%.
Mr Ackery revealed he had sold $1.5 million shares only days after managing director Katie Page sold $1.06 million.
However, Harvey Norman observers believe the share sales may be the first signs of a wider sell-down as executives and insiders seek to cash in before headwinds from the buoyant housing cycle peter out and online retailer Amazon ramps up its presence in Australia.
During the slide, Harvey Norman executive chairman Gerry Harvey bought 2 million shares for $8.7 million on Monday.
It's also been revealed that Ackery had to repay a loan facility with ANZ Private Global Wealth, which was secured by 658,619 shares, this was repaid in full on March 15.
Harvey Norman says it is complying with market rules following a "please explain" notice from the ASX after its shares fell more than eight per cent yesterday, wiping hundreds of millions off its market capitalisation.
Currently Ackery still holds 335,800 shares and 150,000 performance rights in the Company.
The analysis, conducted by Swiss investment bank Credit Suisse, found Amazon setting up shop in Australia could directly result in Myer losing anywhere up to 55 per cent of its earnings over the next five years, according to The Australian.
Theres a belief among some in the market that Harvey Norman will be hurt by the supposed entry of Amazon into the Australian market later this year.