Walt Disney Co DIS Chairman Bob Iger sold off a chunk of his shares in the media and entertainment company popular for theme parks, according to regulatory filings on Thursday.
What Happened: Iger sold a total of 550,750 shares worth about $98.7 million at an average price of $179.21 on Tuesday, the filing revealed. Another 55,865 shares were marked as disposed-off by the Disney chairman as a gift.
The share sale and gift lowered Iger’s stake in Disney by over 50% but he still holds 500,000 shares in the company.
The Magic Kingdom boss is set to retire as Disney chairman at the end of the year. He had in 2020 passed on the baton to current CEO Bob Chapek.
See Also: Cathie Wood Buys $26M Disney Shares And Sells $13M In Netflix: What You Need To Know
Disney shares have risen over six-folds under Iger, who was named CEO in March 2005, compared to the three-fold rise in S&P 500 Index.
Susan Arnold, operating executive at private equity firm The Carlyle Group and a Disney director since 2007, also sold 8,400 DIS shares, worth $1,493,100 on Wednesday, as per a separate filing. Arnold still holds 41,498.3 shares in the company.
Price Action: Disney shares closed 0.43% lower at $176.24 on Thursday.
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