Bob Iger, the chief executive officer (CEO) of Walt Disney Co. (DIS), is selling up to $40 million U.S. of company stock.
Iger has filed a Rule 10b5-1 plan with the U.S. Securities and Exchange Commission (SEC) to sell as many as 372,412 shares of DIS stock.
Typically, 10b5-1 trading plans are used to remove the appearance of bias from the knowledge of non-public information.
At the current share price of $109.12 U.S., selling all the shares listed in Iger’s plan would earn him $40.7 million U.S.
News of the stock sale comes on a day when Disney’s share price rose 6% after the company reported better-than-expected financial results.
The share sales look likely to happen quickly as the 10b5-1 plan that Iger has filed with the SEC expires on Dec. 17 of this year.
Iger hasn’t sold any Disney stock since returning to lead the company in 2022.
The CEO last sold Disney stock in June 2021, when he offloaded 550,570 shares at an average price of $179.21 U.S. for proceeds of $99 million U.S.
Iger, who previously retired from Disney and then returned to the CEO role, has announced that he plans to permanently leave the company in 2026.
The stock of Walt Disney Co. has risen 20% this year to currently trade at $109.12 U.S.
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