Disney Chairman Iger sells shares worth nearly $100 million

Disney's Chief Executive Officer Bob Iger speaks during the Bloomberg Global Business Forum in New York City

(Reuters) – Walt Disney Co Chairman Bob Iger sold shares of the company worth $98.7 million, according to a regulatory filing late on Thursday.

Iger sold 550,570 shares of Disney’s common stock, the filing https://www.sec.gov/Archives/edgar/data/1207394/000174448921000131/xslF345X03/wf-form4_162276668228962.xml showed. He sold 537,304 shares at an average price of $179.2 per share, and 13,266 shares at an average of $179.76 each.

The entertainment company said the sale was part of Iger’s move to diversify his portfolio.

Iger served as Disney Chief Executive Officer since 2005 and stepped down earlier this year handing over the job to Disney Parks head Bob Chapek.

Disney has said Iger will direct the company’s “creative endeavors” until his contract ends at the end of this year.

He holds over 500,000 Disney shares in addition to options and other securities, the company said.

(Reporting by Nivedita Balu in Bengaluru; Editing by Shailesh Kuber and Vinay Dwivedi)