Walt Disney Chairman Bob Iger sold shares of the company worth $98.7 million, according to a regulatory filing late Thursday.

Iger sold 550,570 shares of Disney’s common stock, the filing showed. He sold 537,304 shares at an average price of $179.2 per share, and 13,266 shares at an average of $179.76 each.

The entertainment company said the sale was part of Iger’s move to diversify his portfolio.

Iger had served as Disney's chief executive officer since 2005 before he stepped down earlier this year, handing over the job to Disney Parks head Bob Chapek.

Disney has said Iger will direct the company’s “creative endeavors” until his contract ends at the end of this year.

Iger holds over 500,000 Disney shares in addition to options and other securities, the company said.