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AAPL Stock: 98.38 ( -0.64 )

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New board member Iger buys $1M of Apple stock

updated 02:30 am EST, Thu December 1, 2011

Purchased on open market, not a bonus

Disney CEO and President Bob Iger, who was recently appointed to Apple's board of directors, has bought a million dollars' worth of the stock out of his own pocket on the open market, according to an SEC filing. Iger fills the seat vacated by Arthur Levinson when he became Chairman of the company in October. He bought 2,670 shares at around $375.

The total value of the purchase was $1,001,250. The stock buy was in addition to the 142 restricted stock units and 75 shares of common stock he was awarded when he joined the board (which vest next February, and are presently valued at around $85,000). Iger's wife holds 75 shares of Apple from before he was on the board, records show. In addition, he gets the standard $50,000 per year compensation Apple pays all board members.

Iger was held in high regard by Steve Jobs, who before his death was Disney's largest individual stakeholder, owning approximately seven percent of the family entertainment empire. Although not publicly stated, it was likely Jobs' wish that Iger join the board, though Iger also has a strong relationship with Apple CEO Tim Cook.

Iger replaced Michael Eisner as CEO of Disney in 2005, and less than a year later negotiated the purchase of Pixar, a deal that had been threatened under Eisner. Since then, Iger has rebuilt Disney's brand recognition as the top purveyor of animated movies and ancillary character merchandising. He is set to also be named Chairman of Disney following the retirement of current Chairman John Pepper in March.




by MacNN Staff

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