Disney Chairman Bob Iger Sells $98 Million of Company Shares
Disney saw a pretty successful day on Wall Street earlier this week. The entertainment giant's chairman, Bob Iger sold a stunning $98 million in shares that will ultimately go towards diversifying his portfolio for in light of his departure from the company.
Alongside its constant influx of admired content provided on its new streaming service, Disney has been making headlines by finally reopening their beloved themed parks and adding new rides and attractions.
In efforts to spruce up his portfolio before his contract wraps at the end of the year, Iger sold an impressive 550,570 shares of Disney’s stock. 537,304 of said shares were sold at the average price of $179.2, while 13,266 were sold "at an average of $179.76 each," according to the New York Post.
Barron's reports that this colossal number amounts to just about 49% of Iger's stake in the company. He still obtains more than half a million of Disney's stock, with a pretty penny of those assets going into his wife and his 401ks.
"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," a spokesperson from Disney says in a statement, "with Disney’s stock price rising from just $24 a share when he became CEO in 2005 . . . "
Iger will soon be throwing in the towel at Disney, announcing his departure earlier back in March. When he leaves his 16 year career with the company in December, he'll be passing the torch of his reign to Disney's freshly appointed CEO, Bob Chapek.
Though, the shift of power doesn't seem to be going as smoothly as one would expect. Disney's team of higher ups have found themselves struggling to become accustomed to what their new work environment will be once Iger has left Chapek in charge.
While Iger's approach of doing business relied more on negotiation and well rounded debate with his colleagues, claims from creditable inside sources shows Chapek doing more task assigning and decision making of his own volition.
Some say that Chapek is simply "coming into his own." Others, like the anonymous executive who gave a statement to Variety, claim that folks are "becoming more and more deferential to Chapek."
"Things are radically different than they were six months ago," the source goes on to say.
Sources: New York Post, Barron's, Variety
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