Former Disney CEO Bob Iger Sells Over $90 Million Worth of Shares
Former Walt Disney Company CEO Bob Iger unloaded over $90 million in company stock.
According to Deadline, a recent SEC filing showed Iger sold over 600,000 shares valued at approximately $178.74-#179.81 each. A company spokesperson stated this "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. Mr. Iger continues to hold over 500,000 Disney shares in addition to options and other securities."
Iger announced his plans to step down as CEO in 2019 and made the move official in February 2020, with Bob Chapek stepping in as his replacement. However, Iger remained with the company in the role of executive chairman. "With the successful launch of Disney’s direct-to-consumer businesses and the integration of Twenty-First Century Fox well underway, I believe this is the optimal time to transition to a new CEO," Iger said at the time.
Two months later, after the COVID-19 pandemic had truly started to send the United States into a frenzy, Iger temporarily reclaimed some of his CEO duties, saying, "A crisis of this magnitude, and its impact on Disney, would necessarily result in my actively helping Bob [Chapek] and the company contend with it, particularly since I ran the company for 15 years!"