lazyboy97o
Well-Known Member
There is nothing to wonder. Those types of sales typically have to be disclosed to the SEC and are thus a matter of public record.
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News Chapek FIRED, Iger New CEO
- Thread starter Chef Mickey
- Start date
Josh Hendy
Well-Known Member
There are published reports of well connected, powerful people with official information who passed it on in closed door (but secretly recorded) meetings to their um, friends. Go search if you want to know more. I didn't see Iger mentioned by name in connection with this but I also think the timing of his departure was ... fairly remarkable.
This doesn't always work against Disney shareholders' and employees' interests. For example Disney offering a $6B bond issue just one day before the Federal Reserve announced it would begin buying corporate bonds for the first time in history sounds a lot like someone got another, timely "special briefing". Or it was another amazing coincidence.
The counter argument to the above is that the same basic information was available publicly and that people like Iger who apparently had magical timing were only benefiting from common sense and good luck.
BTW selling shares by company insiders must be preceded by an announcement of some kind for example, "CEO Joe Smith announces that he may sell up to X,000,000 shares in the next Y months." After the shares are sold I believe that the exact number sold (if any) and date must be announced. There may be some delay but I think that anything significant that Iger sold can be looked up at some point.
the.dreamfinder
Well-Known Member
It’s harder for officials of corporations to do that.
It’s still very possible COVID-19 isn’t what pushed him to leave the CEO post.
It is not like COVID19 was a secret by the time he chose do ditch the post of CEO.
China was already suffering, he is aware of global economy and impact on his own investments and wanted to doge a big of hit from within his current role. He may not have known how big the US would be impacted, but China parks were failing long before this and they were closed for a month and Hollywood films were not tracking well anymore there before he stepped down.
China was already suffering, he is aware of global economy and impact on his own investments and wanted to doge a big of hit from within his current role. He may not have known how big the US would be impacted, but China parks were failing long before this and they were closed for a month and Hollywood films were not tracking well anymore there before he stepped down.
lazyboy97o
Well-Known Member
Changing jobs doesn't require stock holdings to be sold.
peter11435
Well-Known Member
Josh Hendy
Well-Known Member
It may have triggered part of his golden parachute package. For example allowing him to sell stock options which were previously locked up.
lazyboy97o
Well-Known Member
Which would be reported...
peter11435
Well-Known Member
CEO or not he is still on the board and still employed by the company.
UNCgolf
Well-Known Member
The SEC requires all insiders to report all purchases and sales of company stock. Insiders include directors, officers, and anyone who holds at least 10% of all outstanding shares. Usually those transactions have to reported within 2 days.
lazyboy97o
Well-Known Member
What part of him still being on the board do you not understand?
lazyboy97o
Well-Known Member
The SEC regulations have the answers to all of your "What if" questions that do not apply to Iger.
peter11435
Well-Known Member
You’re asking a hypothetical question that is irrelevant in this case. Iger is still on the board and still holds a company position requiring reporting to the SEC. His title changed but his involvement as a company insider has not.
At this point it wouldn’t make much financial sense for Iger to sell large amounts of stock even if he could.
lazyboy97o
Well-Known Member
I gave you a link to the SEC website with relevant information and links to more detailed information, including an FAQ related to such issues. It's there for you to read from the source.
peter11435
Well-Known Member
This is the whole teach a man to fish concept. You should learn.
Josh Hendy
Well-Known Member
LOL you guys ... make yourselves a decaf espresso and I will try a little bit of searching now.
UNCgolf
Well-Known Member
It gets more complicated in that situation.
If you've stepped down and are no longer an insider, the very next day after your resignation you could potentially sell all your stock without having to file Form 4 (which reports insider transactions). However, there are some ongoing requirements that last for six months following the resignation, so it depends on the exact transaction you made and other factors. If you sell a bunch of stock the day of your resignation, though, you're still required to file the Form 4 within two business days. There are also filings you have to make regarding the resignation, and there are other insider trading regulations that still apply to the former board member.
Short form answer: you still have to report any transactions you made before stepping down. You may or may not have to report transactions that occurred after you stepped down depending on the specific circumstances.
Josh Hendy
Well-Known Member
This link
finance.yahoo.com
When I clicked on Iger it shows zero transactions since March 2018.
I may have been unfair to Iger with my speculation. However his contract may be quite complex and perhaps the timing still reflects something of the "getting while getting is good" spirit.
The Walt Disney Company (DIS) Recent Insider Transactions - Yahoo Finance
Get the latest insider transactions for The Walt Disney Company (DIS). Find out the total of insider shares held, purchased and sold.
finance.yahoo.com
When I clicked on Iger it shows zero transactions since March 2018.
I may have been unfair to Iger with my speculation. However his contract may be quite complex and perhaps the timing still reflects something of the "getting while getting is good" spirit.
Josh Hendy
Well-Known Member
Good eye! I didn't even see that date column on my phone. We might not know what happened on and around Feb. 25 for another month.
flynnibus
Premium Member
Was This the Real Reason Disney's Bob Iger Stepped Down Prematurely? | The Motley Fool
I wouldn't want to manage a sprawling multinational corporation during a global public health crisis, either.www.google.com
What a freaking waste of an 'article'
1) The entire article is basically just about a tweet from someone else...
2) And the tweet itself is just an opinion w/o any cites behind it
Please don't bother us with such crap links.
This is speculation from everyone... it's no revelation.. but neither author has contributed anything to substantiate it.