Disney President and CEO, Bog Iger has been a long-time friend of Steve Jobs and much of Apple’s top brass for years. So it came as no surprise last month when it was announced that he would be joining the Apple board of directors, and receive a few share options for his troubles.
It turns out the share offer made by Apple to entice Iger was not quite the ‘golden handshake’ that many had speculated. And to prove this, Iger has forked out some of his own cash (around $1 million) to buy more shares in Apple. The revelation of this purchase came by way of a SEC filing which requires that all sales of share be disclosed for the public (i.e. other shareholders and stakeholders) to see.
According to the filing, Iger bought a total of 2,670 shares broken down into two separate purchases. The first was for 1,670 and the second was for the balance of 1,300. All told the value of the transaction was just over $1 million. This new purchase, along with the shares given as incentive for joining the board will help give him a strong say in what Apple does. The filing also highlighted the fat that Iger’s wife owns around 75 Apple shares, making their joint ownership of Apple very noteworthy.
Let’s just hope this new tranche of purchases by Iger doesn’t cause trouble with the rest of Apple’s voting directors.
Should Iger have been allowed to increase his stake in Apple, giving his role as a director? Share your thoughts in the comments below.
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Source: http://www.sitetrail.com/2011/12/07/disney-ceo-purchases-1000000-worth-of-apple-shares/
Source: http://www.sitetrail.com/2011/12/07/disney-ceo-purchases-1000000-worth-of-apple-shares/