Walt Disney Chairman/CEO Bog Iger exercised options on 1 million shares of company stock and sold them for about $47.4 million, netting about $17.9 million, Bloomberg reports. Iger paid $29.51 to exercise each option and sold them for an average $47.37 each, according to an SEC filing, to result in a profit before fees of about $17.86 per share sold. Iger still holds 1.14 million shares. “He’s just diversifying his investments and still has a very large portfolio of Disney stock,” said Disney spokesperson Zenia Mucha.

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