Disney CEO Bob Iger is expected to sell over $40 million in shares, according to The Wrap.
What’s Happening:
- The Wrap reports that Bob Iger, CEO of The Walt Disney Company, will sell up to 372,412 of his shares in the media corporation.
- If the vested stock were sold today, Iger would have a gross of approximately $41 million.
- As a part of a Rule 10b5-1 trading plan, Iger has the ability to exercise vested stock options that were granted on December 18th, 2014.
- Iger’s 10-year-long trading plan expires on December 18th, 2024.
- Trading plans allow company insiders to sell or buy a specified amount of company shares at a set price without the fear of insider trading accusations.
- The news comes directly after Disney shares jumped 9% on Thursday, rising to a high of $114.81 per share.
- Iger returned to his role as CEO after his successor, Bob Chapek, was ousted from the company in 2022. He will serve as head of the House of Mouse until 2026.
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