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Credit: Inside the MagicDisney CEO Bob Iger has been loudly proclaiming that the iconic media corporation is currently on the upswing and rebounding from years of box office flops and controversies, which raises a question: why is he selling of hundreds of shares of Disney stock?
The Walt Disney Company is currently in something of a crisis mode, as its board of directors faces an aggressive campaign by billionaire investor Nelson Peltz, who is supported by former Marvel Entertainment chair and longtime Iger rival Ike Perlmutter, and former CFO Jay Rasulo, who are attempting to seize a control bloc of seats. Similarly, Blackwells Capital, another investment group, is doing the same.
Related: Former Disney Chief Says Company Is “Broken,” Blames Bob Iger
In the midst of all of that, shareholders and the public at large are wondering if and when Bob Iger has any plans to leave the Walt Disney Company, the organization at which he has spent most of his professional life and is widely associated with. While Iger can only say it is a “priority” to replace him, the fact that he is rapidly dumping Disney stock, even as he claims to be looking toward the future, might hint that he actually has some plans afoot.
Bob Iger is one of the single largest individual shareholders of the Walt Disney Company, along with former CFO Christine M. McCarthy, Disney general counsel Alan N. Braverman, and the aforementioned Ike Perlmutter. However, records show that, over the course of the last 12 months, Iger has sold off some 80% of his stock (per 247WallSt).
Although these are not officially verified numbers, as of a year ago, it was reported that the Disney CEO owned approximately 1,030,000 shares of Disney stock; currently, he owns some 204,899. That is a pretty massive sell-off, and while Iger is not obligated to explain what he is doing with his own assets, it raises some eyebrows.
Related: Bob Iger Confirms Incredible $75+ Million Change for Disney After Critical Loss
Perhaps it does not mean that Bob Iger is finally preparing to depart the Walt Disney Company (again). Perhaps his army of accountants has its own reasons for moving money around, even as he promises that the company is ready to become a financial powerhouse again. But still, that’s a lot of stock.
Do you think that Iger is preparing to leave Disney, or will he stay there as long as the board lets him? Give us your thoughts in the comments below!