Disney CEO Bob Iger to sell off up to $41 million in shares

By: Shawn
Disney CEO Bob Iger intends to sell some of his shares in the firm. 

According to a regulatory filing on Thursday, Iger could sell up to 372,412 shares acquired as part of his vested stock options. At a share price of $110.33 (where the Disney stock began Thursday), that might equate to up to $41 million if all shares are sold.

Disney CEO Bob Iger.
Michael Blackshire/Los Angeles Times via Getty Images

The filing states that on August 14, Iger approved a trading strategy that permits him to use his vested stock options, which total 372,412 shares and were awarded to him on December 18, 2014. The options expire on December 18, 2024, while Iger's trading strategy is set to end on December 17. 

The prospective sale was revealed in Disney's fiscal year report as part of a Rule 10b5-1 plan. The strategy establishes pre-planned transactions to prevent charges of insider trading that are executed automatically when specific stock circumstances are satisfied.

The probable sale comes after Iger and his wife, Willow Bay, agreed to buy Angel City Football Club in July. According to reports, Bay and Iger paid $250 million for the majority share in Angel City Football Club and want to invest an additional $50 million "to support the Club's future growth."

Iger has not yet announced the deal, but Disney's stock price was up 6% in lunchtime trade Thursday after the company posted profits that above expectations. Corporate leaders, like as Iger, often have a brief window in which to sell shares without raising insider trading concerns, and such periods are usually immediately after earnings are issued.

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