Disney President Makes $74 Million on Deal:...

Disney President Makes $74 Million on Deal: The president and chief operating officer of Walt Disney Co. made a $74.2-million profit in July by selling shares he purchased six months earlier under the company’s stock option plan. The sale by Frank G. Wells, revealed in a filing with the Securities and Exchange Commission, was done in part because Wells “wanted to do some estate planning,” Disney spokesman Erwin Okun said. “He has no plans to leave,” Okun said. “He’s highly optimistic about the long-range prospects, and he recently signed a contract through 1994.” Under the program, Wells still holds options to buy 42,000 shares at the same low $14.36.