Best Buy CEO sells company stock to pay for divorce

09/16/2013 // West Palm Beach, Florida, US // JusticeNewsFlash // Justice News Flash // (press release)

US – Best Buy CEO Hubert Joly sold over a reported 451,000 shares of stock in the company to help pay a divorce settlement. As reported by CNNMoney, the sale was for a total of $16.7 million, with Joly paying $6.3 million to exercise his stock options and netting over $10 million.

The company is quoted in the report as issuing a statement saying, “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.”

The sale reportedly represented an estimated 20 percent of his stake in Best Buy. The company is stated to be one of the top performing companies on the S&P 500 index.

This report is provided by Justice News Flash – US Divorce Law News

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