Walt Disney Co. chairman and CEO Robert Iger has sold $47.4 million in his stock of the entertainment conglomerate, according to a regulatory filing.
He netted about $17.9 million when accounting for the cost of exercising stock options, Bloomberg News reported. Iger sold his stock at an average price of $47.37 per share.
The CEO still owns 1.14 million Disney shares after the sale, according to the Friday filing with the Securities Exchange Commission.
“He’s just diversifying his investments and still has a very large portfolio of Disney stock,” Bloomberg quoted a spokeswoman as saying. Sometimes investors worry that a stock sale by a top executive could mean a lack of confidence in its outlook.
Disney shares on Friday closed nearly unchanged at $47.42.
He has said he would drop the CEO title in March 2015 and continue as executive chairman through June 2016.
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Twitter: @georgszalai
