Walt Disney Co. Chief Executive Robert Iger gave himself a big pay day this week as he sold off 200,000 shares in the Burbank company valued at $21.7 million.
The sale was disclosed in a filing made Wednesday with the Securities & Exchange Commission. It also showed Iger gifted another 90,900 shares to an undisclosed recipient.
“The sale is part of Mr. Iger’s normal diversification of his portfolio, and he continues to hold more than 1.1 million shares,” the company said in a statement.
The sale was conducted at an average selling price off $108.73 a share.
Iger’s remaining shares are valued at more than $125 million as of the end of trading on Thursday. The gifted shares are valued at $9.88 million.
Iger has received much credit for Disney’s success since being named chief executive in 2005. He was instrumental in getting Disney content on iTunes and the acquisitions of content creators Pixar, Marvel, and LucasFilm, as well as short-form online video network Maker Studios.
Disney share prices have reflected that success, increasing by more than 30 percent over the past year and hitting $100 for the first time ever in February.
Last year, Iger was paid $46.5 million in salary, stock options and incentive plan compensation, a 36 percent increase over 2013.
In October, Iger agreed to a two-year contract extension with Disney to stay as chief executive through June 2018. His salary remains at $2.5 million a year with performance-based retention bonuses for meeting certain performance goals.
Shares closed up 74 cents, or less than 1 percent, to $109.93 on the New York Stock Exchange.