Over the last couple of weeks, former Marvel COO (and current Chief Marketing Officer) Bill Jemas has been exercising options and selling the shares so acquired, netting about $2.76 million in the process.  The options were priced at between $5.75 and $7.375, the price in the early years of Jemas' tenure at Marvel, and were sold for between $29.87 and $30.11, the price in late November. 

 

As disclosed in Marvel's most recent quarterly report, Jemas' move to Chief Marketing Officer (see 'Jemas Becomes Chief Marketing Officer') was a temporary move prior to his departure from the company, which will occur when his contract expires on February 12, 2004.  He is no longer a corporate officer, and is being allowed to work at home two days a week. 

 

Jemas tenure at Marvel was a time of controversy, rapid change, and as shown by the increase in stock price, a major improvement in Marvel's fortunes (see 'Marvel's Version of Kill Bill').   Jemas did release a statement on his move (see 'Jemas Statement on Change in Position').