Bob Iger, who is in the home stretch of his two-chapter run as CEO of the Walt Disney Co., is selling $42.7 million in stock.
The move, disclosed in an SEC filing, makes good on a plan detailed by the company earlier this month for Iger to exercise an option to sell shares.
The most recent filing said Iger is selling 372,412 shares, the maximum allowed under an option plan adopted earlier this year. The plan was set to expire in December.
Shares in Disney have experienced volatility this year as the company contended with a proxy battle from numerous activists and grappled with ongoing challenges in many of its businesses. The stock closed Friday at $115.65, up nearly 1% for the day and within sight of its 52-week high of $123.74. Shares have rallied in recent weeks as the company issued optimistic guidance for fiscal 2025 and posted increasing profit in its streaming unit. The longtime money-losing division is projected to take in $1 billion in profits next year. A recent hot streak for the film studio, which has had the year’s top grossers thus far in Deadpool & Wolverine and Inside Out 2, also helped restore investor enthusiasm for the stock.
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Iger exited as CEO in February 2020 but returned to the company less than three years later after his hand-picked successor, Bob Chapek, was ousted by the company’s board of directors. Iger’s current contract runs through the end of 2026, but the company has recently said it intends to name his successor by the early part of 2026. In addition to four internal candidates, the succession committee of Disney’s board of directors is considering outsiders.
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