When Disney CEO Robert Iger joined Apple’s board of directors, the tech giant offered him a little gift — and it wasn’t a fruit basket. No, Iger received shares worth more than an estimated $84,000. Of course, the amount is Mickey Mouse compared to the $29 million he pulls in as Disney’s head exec.
According to recently filed Securities and Exchange forms, Apple gave Iger 75 shares of common stock and 142 restricted shares. Although the common stock was worth $29,162 based on Apple’s Tuesday closing share price of $388.83, the restricted stock worth $55,213 cannot be sold until it ‘vests’ in February.
Iger will keep the 142 shares of restricted Apple stock, handing over the 75 shares of common stock to his wife, according to the SEC filing. Previous directors have also received Apple stock when coming aboard the tech giant’s board of directors. In 2008, Andrea Jung joined the board and received 77 shares of common stock and 3,000 restricted shares. However, Apple’s stock was worth $180.05 at the time, and she had to wait three years before her stock vested.
Although this is the first time Iger will sit on Apple’s board, the Disney CEO has a long history with its co-founder, Steve Jobs. Iger made Jobs a billionaire and Disney’s largest shareholder, leading the animation studio’s 2006 acquisition of Pixar.Related