To pay for his recent divorce, Best Buy CEO Hubert Joly sold about 20% of his stake in his company totaling $16.7 million. Exercising and selling his stock options cost Joly $6.3 million, netting the executive a little more than $10 million.
Best Buy had granted Joly a waiver on a two-year holding period on the sale of some of his stock. In addition to selling 100,686 shares, Joly exercised and sold 350,467 stock options. "This sale reflects only one thing--Mr. Joly has recently gone through a divorce and needs to sell a portion of his holding in order to cover the costs of that unfortunate event," the company said in a statement. Relationship problems also plagued Joly's predecessor Brian Dunn, who stepped down as the electronics company investigated an alleged relationship with a female subordinate.
[Image: Flickr user Tim Wang]