Walt Disney Co. Chairman and Chief Executive Officer Robert Iger sold $81.6 million in stock after the record-setting box-office performance of “Marvel’s The Avengers” powered the shares to new highs.
The sale of 1.8 million shares took place on May 10 at an average price of $45.36, according to a regulatory filing yesterday. Disney closed at a record on May 9, after the company outlined plans for an “Avengers” sequel on its second-quarter earnings call, and set subsequent marks on May 10 and May 11.
Iger, who plans to step down as CEO in March 2015, exercised options at a cost of $55 million, according to the filing, suggesting profit of $26.6 million before taxes and commissions. The sales were part of routine financial planning to meet his family’s diversification goals, Burbank, California-based Disney said in a statement.
“Even after today’s transactions, his holdings exceed what Mr. Iger owned at year-end,” the company said.
Iger retains 1.14 million shares with value that is 400 percent greater than the company’s ownership requirements, Disney said.
Disney, the world’s largest entertainment company, rose 0.6 percent to $45.56 yesterday in New York. The shares have climbed 21 percent this year.
Iger became chairman in March, with a contract that runs through June 2016. The company announced in October that it would name a new CEO to succeed him in March 2015.