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Best Buy CEO Hubert Joly sells big stake to help pay for his divorce

Best Buy reassured investors Tuesday that the company's CEO only sold his stock to pay for his divorce.
Posted By KATE STANTON, UPI.com   |   Sept. 11, 2013 at 9:36 PM
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It was only a year ago that Best Buy was mired in an ethics scandal and struggled to keep up with increasing online competition from sites like Amazon. But the electronics giant's shares have since tripled thanks to the cost-cutting efforts of CEO Hubert Joly.

So many investors were surprised when the French businessman unloaded 451,153 of his Best Buy shares, worth $16.7 million, last Friday. He had to pay for his divorce.

"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," the company said in a statement Tuesday. "He remains heavily invested in Best Buy."

The company added that Joly only dumped 20 percent of his stake and still holds 476,000 shares.

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