Disney Chairman Iger Sells Almost $100 million in Stock
In an effort to diversify his stock portfolio, Walt Disney Co. Chairman Bob Iger sold off $98.7 million in shares of company stock yesterday.
Iger still holds approximately 575,000 shares, representing 50% of his total holdings. He sold 550,570 shares on June 1st for an average price of $179, according to an SEC filing.
“The value of these shares reflects the significant shareholder value generated under his leadership,” Disney said in a statement published by Bloomberg.
Since Iger became CEO of the the company in September 2005, Disney stock value increased sevenfold. Iger led the aquisitions of Pixar (2006), Marvel (2009), Lucasfilm (2012) and 21st Century Fox (2019). Also, Iger led the company through the launch of the highly successful and well-timed Disney+ streaming service and opened Shanghai Disney Resort in 2016.
In 2020, Iger stepped down as CEO, and he plans to retire from his position as chairman later this year.
“With everything else falling into place, the time seemed right,” Iger said in a statement quoted by CNBC last year. Lately, Iger focused on the creative aspects of his role within the company after building it into a media empire.
Disney stock value lowered slightly over the week after the announcement, though it continues to stay relatively flat compared to the rise that began in fall 2020.
After Iger stepped down from CEO in a surprise move on Feb. 25, 2020, Bob Chapek took the role in a succession plan previosly developed. Previously, Chapek served as Chairman, Disney Parks, Experiences and Products.
Leading the company through its pandemic response, Chapek also opened Avengers Campus inside Disney California Adventure Park at the Disneyland Resort in a superhero-studded event earlier this week.
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