Best Buy CEO Hubert Joly has been a huge part of the reason that the company has turned around and shares went soaring. Unluckily for him, that turnaround is turning into a huge payment for his wife according to a report by Reuters on Sept. 11, 2013.
On Tuesday, Joly disclosed a filing that revealed he sold 451,153 shares of Best Buy stock for a grand total of $16.7 million. Joly paid $6.3 million to exercise stock options, so he netted a little over $10 million in the sale.
Best Buy released a statement saying the Best Buy CEO's sale of stock was due to his need to pay a divorce settlement.
"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 revealed that Joly's sale represented about 20 percent of his Best Buy stake. After the sale, the Best Buy CEO still holds about 476,000 shares, but a spokesman said he received additional stock grants and options that have not yet been disclosed in company filings.
It looks as if his ex-wife is the one that is benefiting from the great success that Best Buy has had over the recent years.