Talk about cashing out…
According to a regulatory filing late Thursday night, Former Disney CEO Bob Iger – and current Chairman – has sold off an estimated $98.7 million worth of company shares.
With Iger slated to retire at the end of the year, the move might seem shady, but according to The DisInsider’s legal correspondent Sean Nyberg it’s fairly common. “When you get paid in stock as an executive, it starts to add up, so you tend to cash a lot of it out before leaving.”
With over 1 million shares in his possession prior to the sale, The Walt Disney Company confirmed that the move was made in an attempt to diversify his stock portfolio.
Iger sold a total of 550, 570 shares. 537, 304 sold for an approximate average of $179.20 per share, while the remaining 13,266 were sold at an approximate average of $179.76 per share. All that, and he still has 500,000 shares in the company.
Iger previously acted as the company’s Chief Executive Offier (CEO), but stepped down earlier this year to focuses on some of the company’s remaining “creative endeavors” until his contract runs out. Bob Chapek now holds the office.
In his time as CEO, Iger became known as a master of acquisition, closing deals on Pixar, Marvel, Lucasfilm, and Fox for Disney.