Bob Iger, executive chairman of the Walt Disney Co., sold about $100 million worth of the company’s stock on June 1.
The sale represented about half of Iger’s holdings in the company he headed as CEO until last year.
According to documents filed with the Securities and Exchange Commission, Iger sold 550,570 shares at prices averaging just over $179 a share. The shares were sold in 173 separate transactions resulting from two sell orders.
After the sales, Iger had 500,000 shares of Disney stock worth $88.6 million based on the closing price of $177.18 on Friday, and another 20,551 shares in his Individual Retirement Account worth $3.6 million.
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“The sale is part of the diversification of Mr. Iger’s portfolio, and the value of these shares reflects the significant shareholder value generated under his leadership, with Disney’s stock price rising from just $24 a share when he became CEO in 2005, far outpacing the S&P 500," a Disney spokesperson told Barron’s. “Mr. Iger continues to hold over 500,000 Disney shares in addition to options and other securities.”
After acquiring 21st Century Fox and radically changing the company’s strategy from dominating pay TV to becoming a leader in streaming, Iger stepped down after 15 years as CEO last February. He was replaced by Bob Chapek, who ran Disney’s parks division.
Iger succeeded Michael Eisner as CEO in 2005 and built Disney into a leading content company by buying Pixar in 2006, Marvel Entertainment in 2009 and Lucasfilm in 2012.
Iger was inducted into the B+C Hall of Fame in 2015.
