David Zaslav, president and CEO of Warner Bros. Discovery, sold just over $30 million worth of his stock holdings in the media conglomerate.

The division will be led by Channing Dungey as CEO, Brett Paul as COO, Howard Lee as chief creative officer, Susan Kolar as chief financial and strategy officer and Karen Bronzo as global CMO

Warner Bros. Discovery Inc. a global media and entertainment company, announced that its Board of Directors authorized the Company to implement a new corporate structure designed to enhance its strategic flexibility and create potential opportunities to unlock additional shareholder value.

Valued at a market cap of $25.7 billion, Warner Bros. Discovery, Inc. (WBD) is a media and entertainment company which creates and distributes a portfolio of content and brands across television, film and streaming.

CEO David Zaslav sold over $30 million of the company’s stock this week, according to a U.S. Securities and Exchange Commission (SEC) filing.

After announcing places to restructure its businesses to take advantage of possible M&A opportunities, Warner Bros. Discovery has announced the new leadership structure for its U.S. networks business.

U.S. Networks business, announced a new structure for the unit. Dungey, who was chosen in August to replace former head Kathleen Finch, has picked Brett Paul as COO for the unit. He will oversee business affairs and digital strategy.