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]