Former Disney CEO Bob Iger is selling nearly $100 million in Disney stock on his way out the door, according to a Bloomberg report.
Chairman Bob Iger sold $98.7 million worth of shares in the company, part of what the entertainment giant described as an effort to diversify his portfolio.
Iger, 70, disposed of 550,570 shares at an average price of $179.21 on June 1, according to a regulatory filing Thursday. The move cut the shares he owns directly by 50% to 555,865.
“The value of these shares reflects the significant shareholder value generated under his leadership,” Disney told Bloomberg in a statement.
This is true. Disney stock soared during Iger’s reign at The Mouse House, not stumbling until the pandemic saw Disney take a hit to most of their business segments in 2020.
Iger stepped into the CEO role at Disney in September of 2005, and the average share price was a little over $23. Fast forward to pre-pandemic Disney of January 2020, and shares were approximately $144.
Despite an initial dip when Disney’s parks began to close and Bob Chapek was suddenly announced as Iger’s successor, Disney stock rallied and hit an all-time high in the Spring of 2021 due to the success of Disney Plus.
Currently serving as the Chairman of The Walt Disney Company, Bob Iger is slated to leave entirely on December 31, 2021.
[Source: Bloomberg, Hat tip: John S.]
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