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Just weeks after Walt Disney Company CEO Robert Iger became a member of Apple’s board of directors, Iger bought $1 million worth of Apple stock.
Shortly after Arthur D. Levinson succeeded Apple co-founder Steve Jobs as the company’s new chairman, Iger was brought on to the team, reports ABC News. “I am honored to be named chairman of Apple’s board and welcome Bob to our team,” Levinson said in a statement on Nov. 16.
Reuters reported Thursday that Iger purchased 2,670 Apple shares Tuesday on the open market. The average price of each share was $375, according to the U.S. Securities and Exchange Commission filing. The filing also said that his wife now owns 75 shares in Apple.
The relationship between Apple and Disney is deep. Before passing away in October, Jobs was one of the largest shareholders in the Disney Company and a member of the board, according to The Hollywood Reporter. Disney acquired Pixar from Apple in 2006. Apple bought Pixar from Lucasfilm in 1986.
Iger’s gesture is seen as a symbolic move to show confidence in the company’s performance as it recovers from Jobs’ death, The Hollywood Reporter notes. In fact, when Iger was named a member of the board, he said in his statement, “Apple has achieved unprecedented success by consistently creating high quality, truly innovative products, and I am extremely pleased to join the board of such a wonderful company.”