Best Buy CEO Sells Company Stock To Pay For Divorce
Best Buy CEO Hubert Joly recently sold a chunk of stock options to help pay for his divorce settlement.
Joly paid a little over $6 million to exercise more than 350,000 stock options. He then sold those shares, plus other holdings in the company, for $16.7 million.
Joly made about $10.4 million from the sale but the majority of that money will probably go to his ex-wife.
The company said that Joly is still deeply invested into the company and only sold some of his stocks to help pay for his divorce.
The company said: “This sale reflects only one thing — Mr. Joly has recently gone through a divorce and needs to sell a portion of his holdings in order to cover the costs of that unfortunate event… He remains heavily invested in Best Buy.”
CNN Money reports that Joly sold about 20% of his stake in the company. The Best Buy CEO still has about 4760,000 shares after the sale.
Yahoo News reports that Joly took over the company about a year ago as Best Buy’s stock was in a slide. Prices continued to fall during his first few months but things have started looking up for Best Buy this year.
The new CEO recently instituted price matching in order to stay competitive with online retailer Amazon.com and the move seems to be working. Best Buy stock has more than tripled since the start of 2013.
