Credit: Inside the MagicFor fifteen years, Bob Iger was the beloved CEO of The Walt Disney Company and was responsible for taking the company to the next level. During his first tenure, he was responsible for the purchase of Marvel, Lucasfilm, and 20th Century Fox. He was also responsible for the opening of the Shanghai Disney Resort in China.
While every company has its ups and downs, as well as its fair share of criticism, overall, Bob Iger was very much loved by Disney fans, cast members, and even shareholders.
Iger stepped down as CEO in February 2020, with former Disney Parks Chairman Bob Chapek taking over the role. Unfortunately, just one month after taking over, Chapek was forced to shutter all Disney theme parks, shut down all film and television productions, and furlough thousands of cast members because of the COVID-19 pandemic.
The next two years were a mixture of frustration, chaos, and disappointment, and Chapek was fired in November 2022, after less than three years on the job. Disney’s Board of Directors lost faith in the embattled CEO and bought him out of his contract.
The same night Chapek’s firing was announced, it was also shared that Bob Iger would be returning to the role that he knew so well.
Related: What the Heck Happened to Bob Iger?!
Sadly, Iger’s second go-around as CEO is not going nearly as well as his first time.
Since returning, Iger has had to fight to keep control of Disney’s Board of Directors after billionaire Nelson Peltz attempted a hostile takeover. He has also seen Disney’s stock price tank and then go back up, films and television shows struggle to perform, and he’s made Disney+ profitable by enacting structural budget cuts and layoffs.
While Mr. Iger has always maintained a positive attitude toward the company and its future, a recent revelation may indicate exactly how he feels about the Mouse House.
Related: Disney CEO Bob Iger Releases New Excuse on Dramatic Park Attendance Drop
According to multiple reports, Iger is planning to sell more than 350,000 shares of his Disney stock. Based on where the stock price is today, that will amount to just over $40 million.
Here’s more information on the sale from TheWrap:
The move is part of a Rule 10b5-1 trading plan, which gives Iger the option to exercise vested stock options that were granted to him on Dec. 18, 2014, and expire on Dec. 18, 2024. Per the filing, Iger’s trading plan is scheduled to terminate on Dec. 17, subject to early termination.
The plan is designed to allow a company insider to sell or buy a predetermined number of company shares at a set price and time in accordance with SEC Rule 10b5-1, which helps them avoid insider trading accusations. The sale excludes any shares used to “effect a cashless exercise or withheld to satisfy tax withholding obligations in connection with the exercise or net settlement of the option awards,” the filing noted.
On the morning of November 14, Disney held its fourth-quarter earnings call, and things went relatively well. Shortly after the call — which was conducted before the stock market opened — Disney’s stock opened at just over $110 per share and quickly went up to $114. It did not close that high but remained steady throughout the day.
Earlier this year, Bob Iger and his wife, Willow Bay, purchased a controlling stake in the Angel City Football Club, a professional women’s soccer team. They are reportedly going to pay $250 million for the team and invest a further $50 million. Selling $40 million worth of stock will definitely help put a dent in that.
What do you think about Bob Iger selling his stock in Disney? Do you think the stock will continue to perform well? Let us know in the comments!