Best Buy's CEO dumped a huge amount of stock to pay for his divorce, as tough times rain down on even the nation’s most wealthiest at times. According to CNN Money on Sept. 11, Best Buy's CEO of one year, Hubert Joly, sold 451,153 shares of the company stock for the grand total of $16.7 million. This net him just over $10 million after paying $6.3 million to exercise stock options.
It was the company who released a statement claiming that Joly’s selling of the stock was done out of the need to pay his divorce settlement. The statement included:
"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," said the company's statement. "He remains heavily invested in Best Buy."
The company also reported that Joly’s sale of the stock represented 20 percent of Best Buy (BBY Fortune 500) stake. While after the sale it shows that Joly’s remaining stock is 476,000 shares, a spokesperson said Joly’s additional stock shares and options are not yet reflected in company filings.
Joly took the CEO position just over a year ago as the company was seeing weak sales at the time. With the online competition, like Amazon, shares were on the decline, but when Joly took the helm, things started to change.
Today shares have tripled in value after Joly cut costs. He pushed Best Buy ahead in this highly competitive electronics retail business. Best Buy is one of the top performers on the S&P 500 index.