Best Buy CEO Hubert Joly has led a turnaround on the company that's sent shares soaring. That is certainly changed into an incredibly big payday for his ex-wife.
On Tuesday Joly disclosed within a filing he sold 451,153 shares of the company for just a total of $16.7 million. He paid $6.3 million to exercise commodity, so he netted approximately $tens of millions of through the sale. The organization issued an announcement saying the sale was prompted by his should pay a divorce settlement.
"This sale reflects just one thing -- Mr. Joly has used a divorce and to market part of his holdings so as to cover the expense of these unfortunate event," said the company's statement. "He remains heavily purchased Best to buy."
The business says Joly's sale represented about 20% of his Biggest score (BBY, Fortune 500) stake. Tuesday's filing shows he holds about 476,000 shares following the sale, but a spokesman said Joly has received additional stock grants and options which may have not yet been disclosed in company filings.
Joly was developed in France and previously worked at Carlson Wagonlit Travel, home of such brands as Radisson and TGI Friday, before he was named CEO of Biggest score on Aug. 20, 2012.
The company has struggled with weak sales and growing competition from online retailers like Amazon (AMZN, Fortune 500). Shares continued to decline in her first few months on the job, especially as founder and former CEO Richard Schulze failed at his effort for taking the organization private.
