Walt Disney Company Chairman Bob Iger sold $98.7 million worth of shares in the company, part of what the entertainment giant described as an effort to diversify his portfolio. Iger, 70, disposed of 550,570 shares at an average price of $179.21 on June 1, according to a regulatory filing Thursday. The move cut the shares he owns directly by 50 per cent to 555,865.

Iger is slated to retire as chairman at the end of the year, following his passing of the chief executive officer job to Bob Chapek in 2020. Disney’s stock has climbed more than sevenfold since Iger took the CEO role in September 2005.

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“The value of these shares reflects the significant shareholder value generated under his leadership,” Disney said in a statement.