Walt Disney Co. Chairman and Chief Executive Officer Robert Iger sold $47.4 million in stock, netting about $17.9 million after factoring in the cost of exercising options on 1 million shares.
Iger sold the shares at an average price of $47.37 each, according to a regulatory filing today. He paid $29.51 to exercise each option, to give a profit before fees of about $17.86 for each share sold. Iger holds 1.14 million shares after the transaction, the filing showed.
The executive, who joined Disney with the mid-1990s acquisition of Capital Cities/ABC, became CEO in 2005 and added the chairman post in March. He steps down as CEO in March 2015 and will remain as executive chairman through June 2016.
“He’s just diversifying his investments and still has a very large portfolio of Disney stock,” Zenia Mucha, a spokeswoman for the Burbank, California-based company, said by telephone.
Disney reported fiscal fourth-quarter sales last week that missed analysts’ estimates, sending the shares to their biggest drop in 15 months. Advertising sales declined at the ABC broadcast network and ad trends weakened at cable-sports powerhouse ESPN, according to analysts including Martin Pyykkonen at Wedge Partners.
Disney fell 0.1 percent to $47.42 at the close in New York. The shares have gained 26 percent this year.