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Jay Rasulo Sells Disney Shares Worth $12 Million; Still Working Without a Contract

Jay Rasulo
Image courtesy of Oliver Walker/Getty

If you’re Jay Rasulo and you’re a little sad about not getting the nod as the heir apparent to Robert Iger in the executive office at the Walt Disney Co., there are still some perks. Rasulo, the company’s senior executive VP and chief financial officer, unloaded 115,000 shares of Disney last week to pocket more than $12 million, according to a regulatory filing.

He continues to work at the Burbank-based company without a contract, which he let expire on January 31 as he awaited Iger’s decision about who would become the company’s next chief operating officer. Tom Staggs got the nod as COO, thus becoming the leading contender to succeed Iger when he retires as chairman and CEO of the company on June 30, 2018.

With Disney’s shares hovering near an all-time high, Rasulo’s bloc went for $106-$107 a share, according to the Securities and Exchange Commission paperwork. The filing said Rasulo still holds nearly 116,000 more shares either directly or through his 401(k). Disney’s last proxy statement reported that Rasulo also had the right to exercise options on up to 654,833 additional shares.

Rasulo’s loss in the runoff for the No. 2 Disney job in February led to wide speculation that he would leave the company for a top executive position elsewhere, but he has not commented. He remains on the job at Disney as an “at will” employee.

A sale of Disney shares is far from shocking; at least partial cash-outs are tempting as the stock nears its high of more than $108 a share. Disney (DIS) shares closed Thursday at $107.26, more than double where they stood at the start of 2013.

An earlier SEC filing showed Rasulo as the second highest-paid executive behind Iger. In fiscal 2014, Rasulo made $16 million, up from $10.7 million in fiscal 2013. Iger brought in a total of $46.5 million in salary, stock and other compensation.

Company officials declined to comment, and Rasulo could not be reached.