Best Buy CEO Hubert Joly sold nearly $17 million worth of stock to help him pay his hefty divorce settlement, the company announced Wednesday.
According to CNN Money, Joly exercised more than 350,000 stock options
at $18.02 per share, for a total of $6.3 million. He then reportedly sold those shares and others for a total of 451,153 shares for $16.7 million. He made approximately $10.4 million from the sale.
"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 consumer electronics company said in a statement. "He remains heavily invested in Best Buy."
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A regulatory filing reveals that the sale comprised about 20 percent of Joly's stake in Best Buy, and that the CEO still holds about 476,000 shares, CNN Money reported.
Joly, who was born in France, was named Best Buy CEO in August 2012. Last month, Best Buy reported second-quarter results that exceeded analysts' predictions as the company aims to revamp itself.
This isn’t the first time a Best Buy CEO's relationship has made headlines. Brian Dunn, Joly's predecessor, stepped down last year after he allegedly had a fling with a 29-year-old subordinate.
"During one four-day and one five-day trip abroad during 2011, the CEO contacted the female employee by cell phone at least 224 times
, including 33 phone calls, 149 text messages, and 42 picture or video messages. In one instance, several photographs were discovered on the CEO's personal cell phone that contained messages expressing affection, one of which included the female employee's initials," an internal investigative report stated at the time.
Dunn was ultimately granted a $6.6 million severance package.
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