Best Buy CEO Hubert Joly has just brought in a lot of money by exercising some of his stock options, and it seems his now ex-wife is going to benefit greatly from the move. Hubert Joly has been credited with helping the corporation significantly turn things around, and his former wife gets to share a great deal in the fortune. CNN shared the details on Sept. 11.
The Best Buy CEO just disclosed that he sold just over 450,000 shares of of the company, which brought in $16.7 million. It cost him $6.3 million to exercise his stock options, so he initially walks away with about $10 million. However, it seems a significant portion of that will go straight to his ex-wife and to cover his divorce costs.
The company released a statement indicating that Hubert Joly is still “heavily invested” in Best Buy and the move was “to cover the costs of that unfortunate event,” the event being his divorce. The Best Buy CEO's move hardly leaves him with nothing in terms of stock, however. It seems he sold about 20 percent of his holdings, and clearly he made some solid money on what he did sell, even if a lot of it goes to cover the divorce costs or a payment to his ex-wife.
Though Best Buy has struggled lately, this year the company has been doing better and share prices have made a comeback. Though there is buzz about the Best Buy CEO's move to sell so many shares of stock, the company's statement regarding the reasoning seems to have quelled any concerns.