Best Buy says that their new Best Buy CEO sold about $16.7m worth of company shares to pay for his divorce.
Hubert Joly became the new CEO of consumer electronics retailer Best Buy about a year ago. Today he makes headlines as the Best Buy revealed that he sold over 450,000 shares to pay for the divorce settlement. This transaction could of course send the wrong message. This is why Best Buy issues this statement:
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"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."
According to CNN, the share sell netted Mr. Joly $6.3m. The sale is about 20% of Mr. Joly's holdings in Best Buy.
Best Buy is apparently on its way back after struggling big time last year. Shares have tripled this year. We are looking forward to the Best Buy Black Friday 2013 sales. Best Buy is one of the best Black Friday stores. Of course it is not easy to get your hands on the best deals, but this is where we come in and help you spot and prepare for those doorbuster deals. Make sure to visit our Black Friday 2013 hub for the latest Black Friday deal news.