Disney Incoming CEO Sells $3.5M In Stk Under Trading Plan
DOW JONES NEWSWIRES
May 24, 2005 11:42 a.m.
WASHINGTON -- Bob Iger, the incoming chief executive of Walt Disney Co. (DIS), sold $3.5 million in company stock under a prearranged trading plan, according to a regulatory filing.
Iger sold 124,400 shares of Disney stock late last week. Iger acquired the shares from previously granted stock options that he exercised at a price of $21 each, according to a filing made with the Securities and Exchange Commission.
Iger sold the shares resulting from the option exercises at $28 each. Disney common stock traded Tuesday morning at $27.66 apiece.
He made the transactions under a Rule 10b5-1 trading plan, which corporate executives and other insiders can adopt to cede control over their stock-trading decisions and protect themselves from allegations of illegal insider trading.
Iger, currently Disney's president and chief operating officer, is slated to take over the top job at the entertainment titan later this year.
The stock options were slated to expire early next year, according to the filing made late Monday with the SEC.
-By Shira Ovide, Dow Jones Newswires; 202-862-1356; shira.ovide@dowjones.com
DOW JONES NEWSWIRES
May 24, 2005 11:42 a.m.
WASHINGTON -- Bob Iger, the incoming chief executive of Walt Disney Co. (DIS), sold $3.5 million in company stock under a prearranged trading plan, according to a regulatory filing.
Iger sold 124,400 shares of Disney stock late last week. Iger acquired the shares from previously granted stock options that he exercised at a price of $21 each, according to a filing made with the Securities and Exchange Commission.
Iger sold the shares resulting from the option exercises at $28 each. Disney common stock traded Tuesday morning at $27.66 apiece.
He made the transactions under a Rule 10b5-1 trading plan, which corporate executives and other insiders can adopt to cede control over their stock-trading decisions and protect themselves from allegations of illegal insider trading.
Iger, currently Disney's president and chief operating officer, is slated to take over the top job at the entertainment titan later this year.
The stock options were slated to expire early next year, according to the filing made late Monday with the SEC.
-By Shira Ovide, Dow Jones Newswires; 202-862-1356; shira.ovide@dowjones.com