New Apple Board Member Bob Iger Buys $1M In AAPL Shares

Newly appointed Apple board member and Disney president and CEO Bob Iger purchased 2,670 shares of Apple stock on the open market, according to a filing with the SEC. The average purchase price of the shares was roughly $375, valuing the purchase at $1,001,250.

The large open-market purchase shows Iger's faith in the future of Apple. When he was appointed director, Iger was awarded 142 restricted stock units, or RSU's, which vest into AAPL shares in February of 2012. His wife holds 75 shares of Apple from before he was appointed director.

Non-employee Apple board members are typically paid $50,000 per year in compensation for their time, plus an annual stock award in the form of RSU's.

While a nice perk, Iger's pay as an Apple director is small change. His compensation package from Disney totaled more than $29.5 million dollars in 2010.