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Friday, May 15, 2015
Disney CEO Bob Iger Sells Stock Worth $21.7 Million
With Disney shares having rocketed 70 percent in the past couple years, CEO Bob Iger apparently figured it's a good time to take some profits off the table, so he sold 200,000 shares this week for more than $21.7 million.
The CEO also gifted 90,900 shares this week to an unknown beneficiary, according to an SEC filing.
After completing this week's selling and gifting, Iger still holds more than 1.1 million shares of Disney worth more than $120 million as of Thursday.
Disney has been firing on all cylinders lately and its stock has reflected its surging financial results. In 2014, Disney shares rose 25 percent, more than almost any other large entertainment conglomerate, an exception being Time Warner, which saw its stock rise 30 percent.
Disney's net income rose 22 percent in its most recent fiscal year, and Iger's annual compensation was up 36 percent to $46.5 million.
Disney issued a statement about Iger's stock sales this week, which reads: "The sale is part of Mr. Iger's normal diversification of his portfolio, and he continues to hold more than 1.1 million shares."