Monday, October 7, 2013

Best Buy CEO Sells Shares to Pay for Divorce.

Best Buy CEO Hubert Joly has led a turnaround at the company that's sent shares soaring. And that's turned into a very big payday for his ex-wife.

On Tuesday Joly disclosed in a filing that he sold 451,153 shares of the company for a total of $16.7 million. He paid $6.3 million to exercise stock options, so he netted just over $10 million through the sale.

The company issued a statement saying the sale was prompted by his need to pay a divorce settlement.

For more detail, visit Divorce forces Best Buy CEO to dump stock