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. (Read more Best Buy stories.)

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