Best Buy CEO Hubert Joly had raised nearly USD10.4 million through sales of the electronics retailer shares to cover costs of his divorce. This was confirmed by the a regulatory filing detailing the sale.
An option to purchase 350,467 shares worth USD18.02 per share was exercised by Joly last September 6. This comes after Best Buy's Compensation and Human Resources Committee had approved a waiver of the last year of the two year holding period for the stock awarded to the CEO.
The said shares were worth an average of USD37.01 per share with an additional 100, 686 valued at USD37.08 per share.
According to Best Buy spokesperson Jeff Shelman, "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. He remains heavily invested in Best Buy."
In the regulatory filing, the company stated that the holdings of their CEO remains 'substantially in excess' of his 140,000 share ownership target under Best Buy's executive stock ownership guidelines.
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