Best Buy CEO Unloads Big Stake ... to Pay for Divorce
Hubert Joly nets about $10M
By John Johnson, Newser Staff
Posted Sep 11, 2013 12:18 PM CDT
This undated photo provided by Carlson Cos. shows Hubert Joly.   (AP Photo/Carlson Cos., St?phane de Bourgies, File)

(Newser) – Best Buy had to issue an unusual statement explaining exactly why its CEO just dumped 20% of his stake in the company: the business his fine; his marriage, not so much. Hubert Joly sold about 450,000 shares and netted $10 million, reports CNNMoney. "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 statement. A little awkward, sure, but better than the mess surrounding the previous CEO, who resigned over allegations of improper conduct with a female employee, notes the Wall Street Journal.

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Showing 3 of 9 comments
Sep 12, 2013 5:32 AM CDT
"Marriage" should be abolished. Absurd relic of the past used now only to transfer wealth from one party to another. Children should be produced in factories and raised by corporations. Read "Brave New World" for details.
Sep 12, 2013 1:58 AM CDT
Is she giving him 20% too? Equal rights for women!
Sep 11, 2013 8:59 PM CDT
Eddie I want half, Eddie.